Manage assets for value, not age
Explain how asset management links asset decisions to value, risk, lifecycle, and service outcomes.
The move: connect every asset decision to the value the asset protects. ISO 55000 treats asset management as more than maintenance scheduling. It asks whether the organization is realizing value from assets across their life cycles. For a water utility, the value is public service: water quality, pressure, fire flow, continuity, compliance, and affordability. A lifecycle decision has five ingredients: condition, criticality, performance, cost, and risk. Condition says what shape the asset is in. Criticality says what happens if it fails. Performance says whether it is already missing service expectations. Cost includes maintenance, energy, emergency response, and replacement timing. Risk…
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