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ISO 55001 outlines seven requirements :

Organizational context

Leadership

Planning

Support

Operation

Performance evaluation

Improvement

“ Controlling ” is not one of the defined system requirements.

Exact Extract from ISO 55001:2014 – Section Headings:

“The standard specifies requirements under seven core sections: Context, Leadership, Planning, Support, Operation, Performance Evaluation, and Improvement.”

The Asset Life Cycle refers to the complete sequence of phases an asset undergoes from its creation to final disposal. It includes stages such as planning, acquisition, commissioning, operation, maintenance, and disposal. It is not just a linear timeline but a framework for making optimized, value-driven decisions throughout the asset's existence.

Option A is correct: Asset management involves the strategic and analytical control of assets over their lifecycle.

Option B is incorrect: Project management is a tool used within specific lifecycle phases.

Option C is false: Asset management complements but does not replace quality management.

Option D is not applicable, as the premise of Option A is accurate.

Exact Extract from IAM – Asset Management: An Anatomy (v4), Section 3.4 – The Asset Lifecycle:

“The asset lifecycle is a concept used to describe the phases of activity over the life of an asset... Organizations need to understand how asset decisions and activities interrelate across these phases and manage them in an integrated manner.”

Annualised cost is a financial technique used to distribute lifecycle costs evenly over the asset’s useful life . It provides a normalized basis for comparison of alternatives.

Exact Extract from IAM – Asset Management: An Anatomy (v4), Section 4.5.1 – Whole-Life Costing:

“Annualised lifecycle cost = Total lifecycle cost / Estimated service life. This method allows direct comparison between asset options with different expected lives.”

This is the ISO 31000 and ISO 55000 definition of risk . Risk encompasses both threats and opportunities —any uncertainty that may affect objectives.

Exact Extract from ISO 55000:2014, Clause 3.2.21 – Risk:

“Risk: Effect of uncertainty on objectives.”