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This document specifies and gives guidance on the performance and condition assessment process of existing physical assets in the utilization stage (from commissioning to the end of life). This document relates to assessment of physical assets within the building and civil engineering sector; however, it can also be used in other sectors where applicable. This document specifies a generic framework for assessment, specification of requirements, the observation process and gathering of the required information in order to sustain informed asset management decision making. This document is an umbrella standard and refers to other standards for detailed methods. It does not replace any other standard, but is an addition to provide a system for the assessment work. NOTE 1 The references to other standards only relate to building and civil engineering works. There are no references for production machinery and equipment, offshore, electrical and mechanical assets, mobile assets and non-tangible assets. NOTE 2 In this document the physical assets will be referred to as assets, except in the Clause Terms and definitions.