What is Asset Management?
Asset Management: The coordinated activity of an organization to realize value from assets. An Asset: An item, thing, or entity that has potential or actual value to an organization. Asset Management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimize the whole life cost of assets. Asset Lifecycle Management (ALM): A comprehensive process that involves managing assets throughout their entire lifespan — from planning and acquisition to disposal or renewal. ALM aims to optimize asset performance, extend their useful life, and maximize their return on investment (ROI). It involves strategically planning, acquiring, deploying, operating, maintaining, and eventually retiring or replacing assets.