The case for establishing the knowledge base of physical asset management

A profession or discipline is defined by its Body of Knowledge. A discipline’s development, character and uniqueness are dependent upon clarity and consistency of theory and practice. For it to emerge as a discipline it is necessary to provide a past-present-future continuum reflected in defining and documenting its foundations, currency, future theory and practiced dimensions. To date the field of Asset Management lacks a collated, critiqued and unified Body of Knowledge of these fundamental elements. This paper explores the concept of a Body of Knowledge for Physical Asset Management. The history of the development initiative is explained. The fundamental constituents of a body of knowledge are described. Ultimately, a format for the documentation of the body of knowledge is proposed.