What is ISO 55017:2014?

ISO 55017:2014, formally known as Asset Management - Vocabulary, was published by the International Organization for Standardization (ISO) to establish a common terminology and understanding in the field of asset management. This standard provides definitions and explanations for key concepts and terms used in asset management practices. It serves as a foundation for organizations to adopt a consistent approach and enhance decision-making related to their assets.

The Scope and Purpose of ISO 55017:2014

ISO 55017:2014 aims to provide organizations across various industries with a comprehensive set of asset management terminologies that can be applied universally. The focus is to enable effective communication and knowledge sharing among professionals involved in asset management, regardless of their organizational context or sector.

The standard helps establish a common language, reducing confusion and ambiguity when discussing asset management-related issues. By defining over 150 terms and providing clear explanations, ISO 55017 ensures that individuals and organizations have a solid understanding of the concepts and principles within asset management.

Key Definitions and Concepts

ISO 55017 covers a wide range of asset management terminology. Some of the key concepts defined include:

Asset: Any item, thing, or entity that has potential value to an organization.

Asset management: Coordinated activities of an organization to realize value from its assets.

Asset management system: A set of interrelated or interacting elements to establish asset management policies, objectives, processes, and procedures.

Riskeffect of uncertainty on objectives, including potential adverse effects.

These definitions provide a foundation for organizations to align their asset management practices and ensure consistent understanding across all levels of the organization.

Benefits of ISO 55017:2014

The adoption of ISO 55017:2014 brings several advantages to organizations implementing asset management practices:

Enhanced Communication: By using a common language and vocabulary, professionals can communicate more effectively, reducing misunderstandings and facilitating collaboration.

Improved Decision Making: A shared understanding of asset management concepts allows organizations to make informed decisions based on standardized criteria.

Efficient Processes: By adopting standardized asset management principles, organizations can streamline their processes, reduce redundancy, and improve overall efficiency.

Greater Consistency and Compliance: ISO 55017 ensures that organizations operate in alignment with recognized best practices, promoting consistency and compliance with regulatory requirements.

In conclusion, ISO 55017:2014 serves as a valuable resource for organizations seeking to establish and enhance asset management practices. By providing clear definitions, explanations, and a common language, this standard enables effective communication, informed decision-making, and improved overall efficiency.