PECB ISO 55001 Transition key terms

The set of interrelated or interacting elements an organization uses to direct, coordinate, and control activities that realize value from assets, covering policy, objectives, processes, and resources.

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

Measurable, consistent results to be achieved that are set for relevant functions and levels, aligned with the asset management policy and the organization's strategic goals.

Documented information specifying how organizational objectives are converted into asset management objectives, including the approach, responsibilities, and timeframes for achieving them.

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

An item, thing, or entity that has potential or actual value to the organization, where value can be tangible or intangible, financial or non-financial, and can vary over its life.

The successive and interconnected stages of an asset from identification of need through creation or acquisition, operation and maintenance, and eventual decommissioning or disposal.

The extent to which assets deliver the benefits, outcomes, and worth expected by the organization and its stakeholders, balancing performance, cost, and risk over time.

A person or organization that can affect, be affected by, or perceive itself to be affected by a decision or activity related to asset management.

The combination of internal and external issues, stakeholder needs, and organizational factors that are relevant to the organization's purpose and affect its asset management system.

The needs and expectations of stakeholders that the organization determines to be relevant and that it commits to address within its asset management system.

The documented boundaries and applicability of the asset management system, identifying the organizational units, asset types, and functions covered.

The demonstrable commitment of top management to the asset management system, including accountability, policy setting, resource provision, and promotion of a culture supporting asset management.

The person or group of people who directs and controls the organization at the highest level and is ultimately accountable for the effectiveness of the asset management system.

The assigned authorities and duties within the asset management system, ensuring relevant functions have clear accountability and are communicated across the organization.

An approach that considers uncertainty and its potential effects when planning and operating the asset management system, so that risks and opportunities are identified and addressed proportionately.

Potential adverse effects and potential beneficial effects of uncertainty that the organization identifies and addresses to give assurance the asset management system achieves intended results.

The resources, competence, awareness, communication, and documented information needed to establish, implement, maintain, and continually improve the asset management system.

The ability to apply knowledge and skills to achieve intended results, determined by the organization for persons whose work affects asset management performance.

The state in which persons doing work under the organization's control understand the asset management policy, their contribution to system effectiveness, and the implications of not conforming.

The planned internal and external exchange of asset management information, including what, when, with whom, and how communication occurs.

Information required to be controlled and maintained by the organization, and the medium on which it is contained, covering both documents and records.

The processes used to plan, implement, and control the activities needed to meet asset management requirements, including criteria, controls, and management of outsourced processes.

The arrangement where an external provider performs part of an organization's asset management functions or processes, which the organization must still control or influence.

The planned and controlled approach to changes in the asset management system, including changes to assets, processes, resources, or organizational structure, to maintain intended outcomes.

The systematic monitoring, measurement, analysis, and evaluation of asset management performance and system effectiveness against objectives and criteria.

The determination of the status of a system, process, or activity using defined methods, indicators, and criteria to provide reliable performance information.

A selected measure that signals the performance of asset management activities against objectives and supports decisions about improvement priorities.

A systematic, independent, and documented process for obtaining evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled.

Top management's periodic evaluation of the asset management system to ensure its continuing suitability, adequacy, and effectiveness, considering inputs and producing decisions and actions.

The non-fulfillment of a requirement, which the organization must identify, correct, and evaluate for the need to eliminate the cause to prevent recurrence.

Action taken to eliminate the cause of a nonconformity and prevent it from recurring, including reviewing the nonconformity and assessing the effectiveness of the action.

The recurring activity of enhancing asset management performance and system effectiveness, using evaluation results, audits, and reviews to identify and implement improvements.

The common clause framework and core text shared by ISO management system standards, supporting integration and consistent interpretation across standards.

The ISO/IEC directives annex that defines the harmonized high-level structure, identical core text, and common terms and definitions for management system standards.

A single management system combining requirements of two or more management system standards, using shared structure and processes to reduce duplication and improve coherence.

The set of interrelated or interacting elements an organization uses to establish policies and objectives and the processes to achieve those objectives.

The structured process an organization follows to move its asset management system from conformity with the earlier edition to conformity with the revised edition of the standard.

A comparison of current practices and documented information against the requirements of the revised standard, identifying missing or inadequate elements that must be addressed.

A documented schedule assigning responsibilities, resources, and milestones for closing gaps and achieving conformity with the revised edition within the transition period.

An assessment conducted to verify that the organization's asset management system meets the requirements of the revised edition before certification is updated.

The activity of putting the revised requirements into practice, including updating processes, training people, adjusting documented information, and verifying that changes operate effectively.