ABSTRACT
This chapter describes the terology concept, emphasizing its broad view of the physical asset life cycle and its interrelation with other organizational sectors and knowledge areas.
This approach gives relevance to the asset life cycle from its acquisition until withdrawal, taking into account aspects like maintenance, conditions of functioning, environment, and econometric approach to the economic life cycle, among others.
Because of this, it is necessary to extend the maintenance concept to several approaches that must be taken into consideration according to the operational context of the physical assets.
As a consequence, the concepts of reliability-centered maintenance, risk-based maintenance, condition monitoring, and predictive maintenance are discussed, as well as the total productive maintenance concept, which may work as an umbrella for maintenance planning methodologies according to the specificity of each asset.
