Physical Asset Lifecycle Management (ISO 5500X)
Integrating Strategy, Risk, and Performance Across the Entire Asset Lifecycle
Course Schedule
| Date | Venue | Fees |
|---|---|---|
| 10 – 14 Feb 2025 | Istanbul, Turkey | USD 3495 per delegate |
Course Introduction
Effective physical asset lifecycle management is critical for asset-intensive organizations aiming to maximize value from infrastructure, equipment, and facilities over the long term. The ISO 5500X series provides a structured, risk-based framework to optimize asset performance, support financial planning, and ensure safety and sustainability throughout the asset lifecycle.
This intensive 5-day course guides participants through the principles and practices of managing physical assets from acquisition to disposal. Drawing on ISO 55000, ISO 55001, and ISO 55002 standards, the course offers practical tools to align asset decisions with organizational strategy and risk tolerance. Participants will gain the knowledge to implement and sustain a robust lifecycle approach that balances cost, performance, and risk.
Course Objectives
By the end of this course, participants will be able to:
• Understand the structure and objectives of the ISO 5500X series
• Apply lifecycle thinking to asset planning, operation, and renewal
• Develop strategies for acquisition, utilization, maintenance, and disposal
• Integrate risk, cost, and performance into asset-related decisions
• Align asset lifecycle activities with organizational goals and stakeholder needs
Key Benefits of Attending
• Gain a complete understanding of ISO 5500X and lifecycle-based asset management
• Improve asset utilization, reliability, and long-term value
• Learn to build and optimize asset lifecycle models and plans
• Reduce total cost of ownership while enhancing service delivery
• Strengthen compliance, sustainability, and risk mitigation efforts
Intended Audience
This program is designed for:
• Asset managers, planners, and engineers
• Maintenance, reliability, and operations professionals
• Capital project managers and investment planners
• Risk, compliance, and audit teams
• Anyone responsible for physical assets in energy, infrastructure, manufacturing, or utilities
Individual Benefits
Key competencies that will be developed include:
• Lifecycle cost analysis and planning
• Asset criticality assessment and risk-based prioritization
• Integration of lifecycle decisions into daily operations
• Confidence in applying ISO 5500X standards to real-world assets
• Enhanced ability to align maintenance, renewal, and investment activities
Organization Benefits
Upon completing the training course, participants will demonstrate:
• Improved asset lifecycle strategies leading to reduced costs and downtime
• More transparent and evidence-based decision-making
• Enhanced alignment between asset management and business strategy
• Strengthened compliance with international standards and regulations
• Greater stakeholder confidence in asset governance and performance
Instructional Methdology
The course follows a blended learning approach combining theory with practice:
• Strategy Briefings – Lifecycle asset management principles and ISO clauses
• Case Studies – Real-world asset lifecycle practices across sectors
• Workshops – Asset lifecycle modeling, criticality scoring, and risk mapping
• Peer Exchange – Discussions on shared challenges and lessons learned
• Tools – Lifecycle costing templates, condition assessment matrices, and planning models
Course Outline
DETAILED 5-DAY COURSE OUTLINE
Training Hours: 07:30 AM – 03:30 PM
Daily Format: 3–4 Learning Modules | Coffee breaks: 09:30 & 11:15 | Lunch Buffet: 01:00 – 02:00
Day 1: Fundamentals of Asset Lifecycle Management
Module 1: Introduction to ISO 5500X and Lifecycle Thinking (07:30 – 09:30)
• Overview of ISO 55000, 55001, and 55002
• Definition and phases of the asset lifecycle
• Why lifecycle management matters
Module 2: Strategic Asset Management Planning (09:45 – 11:15)
• Linking asset planning to organizational objectives
• Long-term planning horizons and demand forecasting
• Building the Strategic Asset Management Plan (SAMP)
Module 3: Asset Register and Hierarchy (11:30 – 01:00)
• Creating and managing asset hierarchies
• Data requirements and integrity
• Lifecycle stage classification and transitions
Module 4: Workshop – Asset Lifecycle Map (02:00 – 03:30)
• Participants define and diagram lifecycle stages for selected assets
Day 2: Acquisition, Commissioning, and Utilization
Module 1: Asset Acquisition Planning (07:30 – 09:30)
• CapEx planning and procurement strategies
• Whole-of-life costing and business case development
• Risk-based justification of new assets
Module 2: Commissioning and Handover (09:45 – 11:15)
• Design-for-maintenance and reliability principles
• Acceptance testing and documentation requirements
• Transition to operations
Module 3: Utilization and Operational Performance (11:30 – 01:00)
• Measuring asset performance and availability
• Condition monitoring and degradation modeling
• Feedback loops to improve utilization
Module 4: Workshop – Asset Commissioning Plan (02:00 – 03:30)
• Teams create a commissioning and handover checklist
Day 3: Maintenance, Monitoring, and Mid-Life Interventions
Module 1: Preventive and Predictive Maintenance (07:30 – 09:30)
• Risk-based maintenance planning
• Maintenance strategies: TPM, RCM, PdM
• Interval optimization and condition-based triggers
Module 2: Mid-Life Upgrades and Modifications (09:45 – 11:15)
• Refurbishment vs. replacement decisions
• Asset performance enhancement strategies
• Capturing and managing configuration changes
Module 3: Asset Health and Risk Monitoring (11:30 – 01:00)
• KPIs, scorecards, and condition indicators
• Leading vs. lagging indicators
• Asset risk registers and escalation protocols
Module 4: Workshop – Maintenance Strategy Design (02:00 – 03:30)
• Develop and present maintenance strategies for real assets
Day 4: Renewal, Decommissioning, and Disposal
Module 1: Planning for Renewal and Replacement (07:30 – 09:30)
• Asset renewal triggers and end-of-life analysis
• Modeling asset deterioration and failure risk
• Investment decision-making
Module 2: Decommissioning and Asset Retirement (09:45 – 11:15)
• Regulatory and environmental considerations
• Documentation and stakeholder communication
• Safe disposal and sustainability
Module 3: Capturing Lessons Learned (11:30 – 01:00)
• Root cause analysis and failure feedback
• Knowledge capture and continuous improvement
• Closing the loop on lifecycle performance
Module 4: Workshop – Renewal Planning Exercise (02:00 – 03:30)
• Teams analyze a renewal scenario and recommend next steps
Day 5: Integration, Optimization, and Certification Readiness
Module 1: Integrated Lifecycle Management Systems (07:30 – 09:30)
• Connecting asset data, planning, and performance systems
• Use of CMMS, EAM, and digital twins
• Role of analytics in lifecycle decision-making
Module 2: Lifecycle Costing and Financial Planning (09:45 – 11:15)
• Total Cost of Ownership (TCO)
• Cost-risk-performance trade-offs
• Budgeting across asset stages
Module 3: Preparing for ISO 55001 Certification (11:30 – 01:00)
• Implementation gaps and audit expectations
• Documentation, KPIs, and readiness checklists
• Building a lifecycle-based asset management system
Module 4: Final Wrap-Up and Certification (02:00 – 03:30)
• Participant action plans and team presentations
• Trainer feedback and open Q&A
• Certification ceremony
Certification
Participants will receive a Certificate of Completion in Physical Asset Lifecycle Management (ISO 5500X), validating their ability to apply internationally recognized lifecycle asset management practices to enhance performance, reduce risk, and support long-term organizational value.