Essential Asset Management Knowledge to Implement ISO 55001

Course Duration: Three Days

Course Summary:

This three-day training program offers a thorough overview of asset management and the ISO 55001 Standard.  The Essential AM Knowledge Course provides the asset management knowledge to enable course participants to implement an Asset Management Improvement Program in their business, and move that business towards complying with the requirements of the ISO 55001 Standard.

Course participants will learn the Fundamentals of Asset Management and the requirements of the ISO 55001 Standard, including how to:

  • Analyse business needs and identify Asset Management Objectives;
  • Develop the core requirements for a Strategic Asset Management Plan (SAMP), including the capability to deliver plans that achieve the desired balance of cost, risk and performance;
  • Develop the core requirements for an Asset Management Plan (AMP);
  • Apply risk based, data driven analytical processes to develop an AMP (defensible maintenance, operations, spares etc) using processes such as:
    • Failure Mode Effect Analyses (FMECA);
    • Reliability Centred Maintenance (RCM;
    • Level of Repair Analysis (LORA);
    • Task Analysis/Packaging; and
  • Identify the impact of human error (workplace culture).


  • Gain an awareness of what Asset Management Artefacts are required to satisfy ISO 55001
  • Gain an awareness of the purpose, content and linkages between the Asset Management Artefacts
  • Understand the benefits of a suite of asset management processes that integrates technical and financial decision making;
  • Understand how improvements can be identified from asset failures;
  • Understand how organizational elements both support an asset management system and improve business outcomes;
  • Understand how to link budgets to operational requirements;
  • Understand how to Reduce Whole of Life Costs (WoLC)
  • Understand how to achieve Value for Money and develop Defensible Budgets
  • The value of Systems Engineering & Configuration Management & Continual Improvement
  • The value of Leadership and Culture

Target Audience:

Asset Managers from all levels of the business

Course Content:

  • Fundamentals of Asset Management;
  • Introduction to Asset Management Systems;
  • ISO 55001 Asset Management System Requirements:
    • Overall approach,
    • Asset Owner requirements, and
    • Other requirements.
  • ISO 55001 Asset Management System required Artefacts:
    • Asset Management Policy,
    • Strategic Asset Management Plan,
    • Asset Management Plans, and
    • Other relevant but subordinate artefacts.
  • Asset Management Objectives – overview
  • Strategic Asset Management Plan content including:
    • Asset Management Objectives,
    • Requirements for the Asset Management System (AMS), and
    • Requirements for Asset Management Plans (AMPs).
  • Strategic Asset Management Plan development;
  • Asset Management Objectives development;
  • Asset Management Plan development;
  • Financial Management Plan (CAPEX and OPEX) development; and
  • Development of other important but sub-ordinate management plans, including:
    • System Engineering Management Plan,
    • Configuration Management Plan,
    • Safety Management Plan, and
    • Maintenance Plan.

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