Our official publication Framework for Asset Management Body of Knowledge is one technical resource now available for members in our Members-only area of the website.
Keep reading for an excerpt from the publication…
Asset Management Definition (page 5)
The Asset Management Council defines Asset Management as:
“The life cycle management of physical assets to achieve the stated outputs of the enterprise”
One of the purposes of this definition is to define the boundaries of Asset Management and to differentiate it from other key management processes.
The definition specifies a focus upon the delivery of a stated capability, in which assets play a key role and in which the business must manage the life cycle of its physical assets commensurate with the business need for that capability. Thus, the definition is concerned with short, medium and long term considerations.
Asset management is concerned with all aspects of capability from the conception of the need for an asset through its complete operating life to the final disposal.
The AMBoK Framework is specifically concerned with physical assets thus differentiating our endeavors from the management of the four other types of assets: financial; human; information and data; and intangible. The management of the five types of assets is however inextricably linked.
The life cycle of an asset can be described as the “evolution of a system, product, service, project or other human-made entity from conception through retirement”. There are four key stages in the asset life cycle – Plan; Aquire: Operate and Maintain; and Dispose. The asset life cycle, and associated delivery elements are represented in the figure below:
How to purchase a hardcopy version of the Framework for Asset Management Body of Knowledge
Contact Falguni Patel at admin@amcouncil.com.au or 03 9819 2515.
How to download the Framework for Asset Management Body of Knowledge
- Login as a member here
- Click on ‘Documents’ found in left hand navigation bar
- Click on ‘Member Zone’ also found in left hand navigation bar
- Click in ‘Technical Publications’