PECB ISO 55001 Foundation flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Asset

An item, thing, or entity that has potential or actual value to an organization. Value may be tangible or intangible and can change over the asset's life cycle.

Asset management

The coordinated activity of an organization to realize value from assets, balancing financial, environmental, social, and performance costs, risks, and benefits against desired outcomes.

Asset management system

A management system for asset management whose function is to establish asset management policy and objectives, together with the processes needed to achieve those objectives.

ISO 55000 family

Three standards: ISO 55000 gives overview and principles, ISO 55001 specifies certifiable requirements for an AMS, and ISO 55002 provides guidance on applying ISO 55001.

Four fundamentals

Value, alignment, leadership, and assurance. These underpin the ISO 55000 principles: assets exist to provide value, activities align with objectives, leadership drives it, and assurance confirms it works.

Line of sight

The traceable linkage from organizational objectives to the asset management policy, strategic asset management plan, asset management plans, and individual asset activities, with feedback flowing upward.

Value from assets

The contribution assets make to organizational objectives. It is organization-specific and may include financial returns, service delivery, safety, environmental outcomes, or reputation.

Risk-based asset management

Applying control proportionate to the risk and criticality of each asset's contribution to objectives, rather than treating all assets with the same level of scrutiny and effort.

Whole-life cost

The total cost of an asset across acquisition, operation, maintenance, renewal, and disposal. It supports decisions that avoid trading long-term cost for short-term savings.

Asset criticality

A ranking of assets by the consequence of their failure or underperformance on objectives, used to prioritize maintenance, investment, and risk treatment effort.

Strategic asset management plan

Documented information specifying how organizational objectives are converted into asset management objectives, and the approach for developing asset management plans.

Asset management policy

Top management's documented statement of intent and direction for asset management, providing a framework for setting objectives and committing to requirements and continual improvement.

Interested parties

Persons or organizations that can affect, be affected by, or perceive themselves affected by asset management decisions, including regulators, customers, owners, and communities.

Continual improvement

Recurring activity to enhance performance of the AMS, distinct from corrective action, which addresses a specific nonconformity; both are required by ISO 55001.

Asset management plan

Documented information specifying the activities, resources, timescales, and responsibilities required to manage a group of assets to meet asset management objectives.

Alignment principle

Asset management activities are aligned with the organization's objectives, so asset decisions support strategy rather than existing as an isolated technical function.

Assurance principle

Assets deliver their intended value and the AMS performs as intended; assurance is achieved through monitoring, audit, review, and reporting evidence.

Clause 4 context

Requires determining external and internal issues, interested party requirements, and the AMS scope, with the scope maintained as documented information.

Clause 5 leadership

Requires top management to establish policy and objectives, integrate asset management into business processes, provide resources, communicate importance, and assign roles and authorities.

Clause 6 planning

Requires actions to address risks and opportunities, measurable asset management objectives, and planning of changes, with the strategic asset management plan as required documented information.

Clause 7 support

Requires resources, competence, awareness, communication, and documented information, including documented evidence of competence and control of documents of external origin.

Clause 8 operation

Requires planning and control of operational processes against defined criteria, control of planned changes, and control of outsourced processes to meet AMS requirements.

Clause 9 performance evaluation

Requires monitoring, measurement, analysis, and evaluation; internal audits at planned intervals; and management review with specified inputs and outputs.

Clause 10 improvement

Requires reacting to nonconformity, evaluating causes, taking corrective action, reviewing effectiveness, retaining documented information, and continually improving the AMS.

Documented information

Information required to be controlled and maintained by the organization, plus the medium on which it is contained; ISO 55001 specifies where it is mandatory.

Nonconformity

Failure to meet a requirement. ISO 55001 requires the organization to react, evaluate the need to eliminate the cause, implement action, and retain evidence.

Management review

Top management's planned evaluation of the AMS for continuing suitability, adequacy, and effectiveness, with defined inputs and outputs including improvement and change decisions.

Internal audit

A planned, objective evaluation of whether the AMS conforms to the organization's own requirements and to ISO 55001, and whether it is effectively implemented and maintained.

Outsourced processes

Processes performed by an external provider that affect AMS performance; the organization must retain control over them and define how they are managed.

Scope of the AMS

The boundaries and applicability of the asset management system, defined by context, interested party requirements, and the assets or functions covered.

Asset management objectives

Measurable, consistent results to be achieved in realizing value from assets; they must be monitored, communicated, updated, and aligned with the policy.

Competence requirement

Personnel whose work affects asset management performance must be competent on the basis of education, training, or experience, with documented evidence retained.