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This document specifies methods and procedures when applying physical asset management as a framework to take maintenance into account as an influencing factor within an organizations’ strategic and tactical decisions on its physical assets, and when applying physical asset management as a framework to maintenance activities. It also specifies the relationship between organizational strategic plan and the maintenance management system at a methodological level and describes the interrelations between maintenance process and all the other physical asset management processes at a procedural level. This document is applicable to managing the physical assets of organizations of all sizes especially organizations producing goods and services with physical assets. It introduces methods and procedures for all the levels and functions of the organizations’ management such as corporate planning management, plant management, technical management, production management, financial management, asset management, maintenance management, quality management, etc. The focus of the document is at the asset portfolio and system levels and consists of guidance and recommendations. It does not apply to certification, regulatory, or contractual use. However, if specific documents exist for a particular domain, it is important to also consider those documents.