Understanding the Relationship: Asset Management to Asset Performance Management

ISO55000 defines asset management as systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems and their associated performance, risks, and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.
Strategies to Manage Asset Performance

Creating a world that doesnโt break down offers the process industries a $20 billion opportunity. Reducing unplanned downtime and increasing asset utilization represent the biggest opportunities for financial improvement in production operations. Albert Einstein could have been alluding to smart manufacturing when he said, โIf I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than five minutes.โ