ISO 55001 specifies the requirements for what?

• A. Guidance for the application of an asset management system
• B. Scope of an asset management system
• C. Requirements for an asset management system
• D. Definition of asset management in ISO 55000

Answer: (C)

The main idea is that this standard defines what an asset management system must do. ISO 55001 provides the requirements you must meet to establish, implement, operate, monitor, review, maintain, and improve an asset management system, in a way that consistently delivers value from assets. It’s a certifiable specification, not a guide or a broad definition.

Guidance for applying an asset management system is found in ISO 55002, not ISO 55001. The scope of an asset management system is determined by what the organization adopts within the framework of the requirements. The definition and terms of asset management are laid out in ISO 55000, which covers concepts and vocabulary, not the system’s requirements.