IAM Foundation

Introduction to Asset Management

Our Introduction to Asset Management course provides a great foundation in understanding the basic concepts, language, and significant benefits organizations gain from an Asset Management approach. It also introduces the content and role of the International Standards for Asset Management (ISO 55000).

The course sets out the basis for adopting Asset Management best practice, what it entails, and the key determinants for success while enabling learners to see how Asset Management involves everyone in the organization and how their role may be directly or indirectly impacted.

The training is followed by a short Knowledge Test. Participants who successfully complete the Knowledge Test will be eligible for the IAM Foundation Award.

Woodhouse Academy expert tutorial team

Supporting exercises, knowledge test and directed reading

No prior Asset Management experience required

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  1. The Foundation Award is designed for a large, diverse audience who need a basic appreciation of what asset management is, and why it matters to organizations and their stakeholders.
  2. The potential audience will include:
    • New entrants to organizations (including trainees), who may go on to work in asset management roles.
    • People moving within organizations to undertake their first asset management role.
    • People who do not work in asset management roles, but support or interact with their organization’s asset management activities.
    • People working in an organization’s supply chain, who provide the client organization with asset management services.
    • People working in an organization’s supply chain, who support the asset management services provided to the client organization.
  3. Participants who successfully complete the Knowledge Test will be eligible for the IAM Foundation Award.
  4. The training is intended to convey to delegates:
    • Basic asset management concepts, principles and terminology
    • The breadth of asset management activities
    • Characteristics of good practice asset management
    • Some commonly used techniques
    • The types of benefits organizations can realize
    • Potential next steps for individuals who wish to continue with their asset management Journey.
  5. The purpose of the training is to provide delegates with an appreciation of the topics in the syllabus. It is not intended that syllabus topics are covered in great depth.

What is Asset Management?

Introduction and background to Asset Management (AM) and definitions for key terms (including assets, asset management, and AM system).

Why is AM important?

Including examples of drivers for organizations adopt AM and the types of benefits they can realize through AM.

The scope of good practice AM

IAM’s Conceptual AM Model, and why AM has a broader focus than ‘managing assets’.

  • Strategy & Planning
  • AM Decision Making
  • Life Cycle Delivery (Acquire, Operate, Maintain & Dispose)
  • Asset information
  • Organisation & People
  • Risk & Review

Good practice AM: What does it look like?
Some commonly used techniques:

  • Understanding stakeholders and their requirements – including examples of Stakeholders, and ways they could affect an organization’s AM activities.
  • Alignment of AM activities to deliver organizational objectives – AM Policy, AM strategies (the SAMP), AM plans, and delivery of life cycle activities.
  • Understanding and managing risk.
    – Risk definitions (ISO 55000) and the risk matrix.
    – Understanding criticality (of assets and AM activities).
    – Risk management processes (ISO 31000) – assessment, treatment, and monitoring.
  • Whole life decision-making.
    – Examples of asset life cycle costs.
    – Typical asset life decisions – when, and why, it is important to consider asset life cycle costs.
  • Effective monitoring and assurance.
    – Assets – understanding condition and performance.
    – Asset management activities – monitoring and audit.
  • Team working and collaboration.
  • ISO 55000 – the good practice management system standard for AM (benefits and overview).

The Asset Management Journey

  • The Organisational AM Journey.
    – Where and how to start? Assessment of AM capability.
    – Developing AM competencies (the 7 key roles of the IAM Competences Framework).
  • The Individual AM Journey – developing your AM knowledge & understanding.
  • IAM resources to support the Individual and Organisational Journeys.

On successful completion of the course, the learner can take the Institute of Asset Management’s (IAM) Knowledge Test*. The IAM’s Foundation Award Knowledge Test is a ‘pass or fail’ test that requires a 66% or higher mark to pass. On achieving a pass the learner will be issued with the IAM’s Foundation Award certificate.
*The IAMs knowledge test is completed online and is included in the cost of this course

The Course has been designed for anyone who requires a basic introduction to the concepts, language and benefits of asset management.

Successful participants may choose to go on to the IAM Certificate in Asset Management.

Aligned to PAS 55, ISO 55000 and the IAM competency framework
Develop a business centered appreciation of Asset Management
Influence decisions that have Asset Management implications
Foster effective team work and breakdown disciplinary silos
Providing well-rounded competency development
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IAM Foundation Course Brochure


Virtual Classroom/Classroom

6 hours 
Recommended reading
IAM Knowledge Test*

Bespoke Training

1 Day tailored to Organisation
Recommended reading
IAM Knowledge Test*

Also available


3 Online modules
Recommended reading
IAM Knowledge Test*

Our IAM Foundation, Introduction to Asset Management, course is the first step to becoming a professional asset manager. We can provide the support, coaching, and practical tools for every stage of your asset management journey.

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