About Asset Management

Asset Management

Asset management is a term that’s been in wide use for a long time by different audiences. A common theme associated with this term across those audiences, however, is that it seeks to optimize the value that organizations realize from their assets. It also recognizes that value can be measured not only in financial terms, but also from the perspective of achieving an organization’s objectives and meeting stakeholder expectations.

US Technical Advisory Group

The International Organization for Standardization (ISO) is made up of the organizations responsible for developing and issuing various technical and management standards in each country. These organizations are known as National Standards Bodies (NSBs) and 63 of them are members of ISO. The NSB for the US is the American National Standards Institute (ANSI).

ISO assigns the work of developing and maintaining its international standards to various Technical Committees (TCs). TC 251 is the Technical Committee responsible for developing and maintaining ISO’s asset management standards. All TCs consist of international experts in the subject matter of the standard and TC 251 consists of over 120 participants or observers from 47 countries.

Several NSBs have created their own technical committees that are aligned with, or mirror, the ISO Technical Committees. In the US, ANSI calls its mirror committees Technical Advisory Groups (TAGs) and selects different organizations to administer each one. The US TAG to TC 251 is the US mirror committee for asset management and ANSI has selected ASTM International to administer it.

Details about how asset management works in practice may be found in the Resources section of this website.