Asset Management Body of Knowledge

The AMBoK provides a framework in which to address the ever-changing landscape in which we operate with a scientific, evidence-based approach to risk assessment that underpins decision making.
The AMBoK represents a set of standard models, terminology, and guidelines (a body of knowledge) specifically for asset management.
The AMBoK continues to develop over time with the input of membership, contributing on a voluntary basis. Their collective insights, knowledge, and willingness to share makes AMBoK accessible to members of the Asset Management Council and the broader asset management community.

The benefits of asset management are numerous: more predictable and sustainable cash flows; the final outcome of the profit and loss; the value of the assets on the balance sheet; and the ability to both support an expected share price and achieve market share. These benefits are being increasingly recognised by business and government alike, and are supported by a number of factors, including the publication of numerous state and national government reports into the management of critical community and public assets; and the development and publication of an international standard on asset management (the ISO 55000X suite was published in January 2014).

The realisation that asset management contributes directly and indirectly to a number of important factors means that a common asset management language for better communication within organisations and across industries is increasingly considered by top management to be more important than ever.

The Asset Management Council is committed to advancing the asset management knowledge and capability of both its members and stakeholders, and as such, it has brought together some of the best technical asset management professionals within Australia in the form of the Asset Management Body of Knowledge (AMBoK).

The AM Council defines asset management as ‘The life cycle management of physical assets to achieve the stated outputs of the enterprise’.

Asset management is founded on a set of principles. If any one of these principles is missing from the management of assets, the organisation will likely see a reduction in the value that its’ assets provide. The principles should directly influence an organisation’s asset management systems and plans and include:
Output Focus, Capabilities, Level Assurance, and Learning Organisation.

The AM Council has developed several models that illustrate conceptually the key fundamentals and framework for asset management.