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ISO 55001:2014 specifies requirements for an Asset Management System within the context of an organization. It applies to the management of any type of physical asset and to all sectors.

ISO 55001 covers physical assets including infrastructure (roads, pipelines, utilities), plant and machinery, buildings, vehicles, and any other physical asset. It focuses on physical assets but the principles also apply to other asset types.

Asset-intensive industries including utilities (water, power, gas), oil & gas, transportation, mining, manufacturing, and real estate benefit most from ISO 55001 certification.

ISO 55001 replaced and superseded PAS 55, the British Standard for asset management. ISO 55001 is the internationally recognized successor with broader global applicability.

ISO 55001 bridges engineering and financial management by aligning asset management decisions with organizational financial objectives, supporting better capital allocation and total cost of ownership analysis.