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This European standard introduces physical asset management as a framework for maintenance activities. It also introduces the relationship between organizational strategic plan and maintenance management system and describes the interrelations between maintenance process and all the other physical asset management processes. It addresses the role and importance of maintenance within physical asset management system during the whole life cycle of an item. This European standard can be applied to production organizations of all sizes. However, if specific standards exist for a particular application or field of industry, those documents should also be considered. This European standard consists of guidance and recommendations and is not intended to be used for certification, regulatory, or contractual use.