What is Asset Management

What is Asset Management
The management of physical assets (their selection, maintenance, inspection and renewal) plays a key role in determining the operational performance and profitability of industries that operate assets as part of their core business.
Asset Management is the art and science of making the right decisions and optimising these processes. A common objective is to minimise the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.
This emerging professional discipline deals with the optimal management of physical asset systems and their life cycles. It represents a cross-disciplinary collaboration to achieve best net, sustained value-for-money in the selection, design/ acquisition, operations, maintenance and renewal/ disposal of physical infrastructure and equipment.

Link to :
http://www.theiam.org/en/utilities/document-summary.cfm/docid/D621996E-1626-474E-92F6BAE24187B939
The PAS55 standard, sponsored by the IAM, defines the requirements for such an integrated approach. Click here to download an introductory paper Asset Management Concepts and Practices to find out more.