The ISO 55000 standard (under development) defines an Asset as “something that has potential or actual value to an organisation”. The value will vary between different organisations and their stakeholders. Value can be tangible or intangible, financial or non-financial. Asset Management is defined as “the set of coordinated activities that an organisation uses to realise value from assets in the delivery of its outcomes or objectives.” Realisation of value requires the achievement of a balance of costs, risks and benefits, often over different timescales. The overall objective of this module is to apply the basic principles of planning, organisation, leading and control to the management of assets, in particular engineering assets. This includes aspects such as support, operation, performance evaluation and continual improvement. Current standards (e.g. ISO 55000), guidelines (e.g. PAS-55) and other government documents on asset management are also addressed in this module.