An overview of Asset Management can be easily found on the internet. It started from PAS55 Part 1 and Part 2 developed under BSI. ISO took that as a reference and beginning to develop ISO55000 series that are very similar to PAS55 in many aspects.
In short, it is a plan that details the work from cradle to grave for an asset. Ideally, a capital project should have a competent Asset Management or Reliability team involved since the feasibility studies stage. Multiple times have I walked into plant that have no idea what they are doing, and how they are performing in relation to the target business objectives. AM Plan is laid out just for that purpose, to meet the expectations and business objectives right from the start.
In a nutshell, it is slightly more detailed than a car servicing logbook. Each components/ equipment came with a designed operating life and maintenance is scheduled to extend its useful economic life until replacement is inevitable. Apply that detailed planning onto a full blown process plant, and that is AM in a nutshell, extremely simplified version.
I have been involved in steel manufacturing industry, petrochemical industry, power generation industry and recently joined consulting in the area of Asset Management. Hopefully, I would share some information in the future that would benefit all of interested readers! :))
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