What is Asset Management?
In the simplest terms, Asset Management can be thought of as applied common sense. Asset Management is designed to help people decide how and where to spend their money to achieve the desired results. Such a process is needed when there are competing priorities for limited funding.
Asset Management is a framework to help utilities provide the desired level of service at the lowest life cycle cost. The framework consists of 5 core concepts:
- Asset Inventory
- Level of Service
- Life Cycle Costing
- Long-Term Funding
Where you start depends on your needs and where you are. Resources found in this section will help you better understand what asset management is.