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As defined in the international standard ISO 55000, published in 2015, Asset Management is the coordinated activity of an organization to realize value from its assets. Derived from a variety of industries, ISO 55000 has been successfully applied in numerous companies around the world, demonstrating business benefits and value to the organization. In addition to reducing equipment failures, the ultimate goal of asset management is to optimize the operation and maintenance of equipment to minimize costs and risks, while ensuring safety of personnel and customers. Asset management strategies have matured from being reactive, i.e., a fix it when it breaks approach, to time-based or preventative maintenance routine maintenance performed on equipment at regular intervals to reduce the likelihood of it failing. In these approaches, maintenance is typically considered an expense to organizations. Asset management has now matured to the point where informat