This paper presents a framework which addresses a series of activities defined in Engineering Asset Management (EAM). This framework is proposed to serve as a guideline of organizations when investigating if the status of the EAM system that they have in place is adequate to achieve the intended objectives. It also serves as a guide for researchers in EAM. The framework ensures a holistic approach to EAM in place that it explores the required asset management activities, relationships and mechanisms for achieving the organizational goals. In order to demonstrate the framework, a ‘retroductive’ approach in the context of case study is given this present paper which leads to a better understanding of the framework functions, i.e., the activities and relationships covered. The framework can also be used as a research tool, as well as a practical reference base in determining what activities should be in place within the asset management system for enhancing an organization’s ability to capture the intended benefits.