What asset management actually is
ISO 55000 defines an asset as an item, thing or entity that has potential or actual value to an organisation, and asset management as the coordinated activity of an organisation to realise value from assets. Value is not the same as condition, and not the same as uptime: it is the balance of performance, cost, risk and opportunity across the whole life of the asset.

Four fundamentals underpin the discipline: value (assets exist to deliver a purpose, not for their own sake), alignment (technical decisions must translate organisational objectives), leadership (asset management works only where authority and accountability are real), and assurance (the assets, and the system managing them, must be demonstrably fit for purpose).
Asset management is therefore not maintenance with a broader budget. Maintenance is one of the levers. Design, procurement, operation, data, spares, competency, renewal and disposal are the others.








