Asset management is an enabling discipline that is defined by the International Standard ISO 55000 as the coordinated activities of an organization to realize value from assets. Prognostic and health management (PHM), component and system reliability, risk assessment, asset management planning and organizational structure are all part of the asset health management process. Those activities are themselves specific disciplines which have their own standards, goals, expert communities and visions. However links between them as a whole process still have to be clearly understood and defined. The aim of this paper is to propose a holistic asset health management model depicting interrelations between activities. The well-known Data-Information-Knowledge-Wisdom (DIKW) hierarchy is applied to the asset management process to shed light on interactions between key activities and their contributions to the asset management value chain. To illustrate the concept, an example is shown in the context of hydropower generation.
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