Abstract

The increased economic and market
globalization means the criticality of
standards and its role in exploiting
network externalities has had an influence
on increasing productivity, and efficiency,
decreasing non value added information
and promoting process management. The
ISO 55000 series is a comprehensive and
detailed standard, which helps to create an
improved methodology to implement an
asset management system within an
organisation. Asset management is an
important part of any organisation, as it
allows them to extract value from their
assets. ISO 55000 series consists of three
segments namely ISO 55000, ISO 55001
and ISO 55002, which aims to provide a
standardised framework for an asset
management system. AM is a combination
of management, financial, economic, and
engineering activities and the effectiveness
of a universal view has been
acknowledged but is not wholly developed
especially within small to medium sized
enterprises (SMEs). The document, could
be seen as limited as it states what should
be done, not how to do it.