This document defines terms and establishes principles and outcomes for asset management. It describes: — the benefits of asset management and an asset management system; — the relationship between asset management, the asset management system and asset portfolio; — asset management improvement and maturity. This document is applicable to all types of assets and all types and sizes of organizations. This document does not provide financial, accounting, human resources nor technical guidance for managing specific asset types. NOTE For the purposes of this document, ISO 55001 and ISO 55002, the term “asset management system” is used to refer to a management system for asset management.