Asset management broadly deflned refers Lo any sysLem whereby Lhlngs LhaL are of value Lo an enLlLy or group

are monlLored and malnLalned lL may apply Lo boLh Langlble asseLs and Lo lnLanglble concepLs such as lnLellecLual
properLy and goodwlll
AsseL managemenL ls a sysLemaLlc process of operaLlng malnLalnlng and upgradlng asseLs cosLeffecLlvely
(Amerlcan AssoclaLe of SLaLe Plghway and 1ransporLaLlon Cfflclals)
AlLernaLlve vlews of asseL managemenL ln Lhe englneerlng envlronmenL are
O 1he pracLlce of managlng asseLs so LhaL Lhe greaLesL reLurn ls achleved (Lhls concepL ls parLlcularly useful for
producLlve asseLs such as planL and equlpmenL)
O Lhe process by whlch bullL sysLems of faclllLles are monlLored and malnLalned wlLh Lhe ob[ecLlve of provldlng
Lhe besL posslble servlce Lo users (approprlaLe for publlc lnfrasLrucLure asseLs)
storna| banground of asset management
lvlllzaLlon has always relled on lLs Lechnologlcal asseLs Lo supporL key funcLlons llke LransporL publlc healLh
buslness and commerce
1here ls a clear llnk beLween Lhe provlslon and sophlsLlcaLlon of Lechnologlcal asseLs and our modern llfesLyle
8omans bullL a sLrong emplre Lhrough Lhelr consLrucLlon of roads aqueducLs and oLher asseLs Slmllar sLorles are
found when examlnlng Asla Afrlca Lurope and Amerlca
Inanna| asset management
O lnvesLmenL managemenL Lhe secLor of Lhe flnanclal servlces lndusLry LhaL manages collecLlve lnvesLmenL
schemes and segregaLed cllenL accounLs
O lobal asseLs under managemenL
O lsL of asseL managemenL flrms
nterprse asset management
LnLerprlse asseL managemenL ls Lhe buslness processes and enabllng lnformaLlon sysLems LhaL supporL
managemenL of an organlzaLlons asseLs boLh physlcal (such as bulldlngs equlpmenL lnfrasLrucLure eLc) and
nonphyslcal such as
O 9hyslcal asseL managemenL Lhe pracLlce of managlng Lhe whole llfe cycle (deslgn consLrucLlon
commlsslonlng operaLlng malnLalnlng repalrlng modlfylng replaclng and decommlsslonlng/dlsposal) of
physlcal and lnfrasLrucLure asseLs such as sLrucLures producLlon and servlce planL power waLer and wasLe
LreaLmenL faclllLles dlsLrlbuLlon neLworks LransporL sysLems bulldlngs and oLher physlcal
asseLs lnfrasLrucLure asseL managemenL expands on Lhls Lheme ln relaLlon prlmarlly Lo publlc secLor uLlllLles
properLy and LransporL sysLems
O lxed asseLs managemenL an accounLlng process LhaL seeks Lo Lrack flxed asseLs for Lhe purposes of flnanclal
accounLlng
O l1 asseL managemenL Lhe seL of buslness pracLlces LhaL [oln flnanclal conLracLual and lnvenLory funcLlons Lo
supporL llfe cycle managemenL and sLraLeglc declslon maklng for Lhe l1 envlronmenL 1hls ls also one of Lhe
processes deflned wlLhln l1 servlce managemenL
O lglLal asseL managemenL a form of elecLronlc medla conLenL managemenL LhaL lncludes dlglLal asseLs

9ub|n asset management
9ubllc asseL managemenL expands Lhe deflnlLlon of LnLerprlse AsseL ManagemenL (LAM) by lncorporaLlng Lhe
managemenL of all Lhlngs whlch are of value Lo a munlclpal [urlsdlcLlon and lLs clLlzens expecLaLlons
An LAM requlres an asseL reglsLry (lnvenLory of asseLs and Lhelr aLLrlbuLes) comblned wlLh a ompuLerlzed
MalnLenance ManagemenL SysLem All publlc asseLs are lnLerconnecLed and share proxlmlLy and Lhls connecLlvlLy
ls posslble Lhrough Lhe use of lS
GISnentrn publlc asseL managemenL sLandardlzes daLa and allows lnLeroperablllLy provldlng users Lhe capablllLy
Lo reuse coordlnaLe and share lnformaLlon ln an efflclenL and effecLlve manner by maklng Lhe lS geodaLabase
Lhe asseL reglsLry A lScenLrlc publlc asseL managemenL whlch sLandardlzes daLa and allows lnLeroperablllLy
provldlng users Lhe capablllLy Lo reuse coordlnaLe and share lnformaLlon ln an efflclenL and effecLlve manner
ln Lhe unlLed SLaLes Lhe defacLo lS sLandard ls Lhe Lsrl lS for uLlllLles and munlclpallLles An Lsrl lS plaLform
comblned wlLh Lhe overall publlc asseL managemenL umbrella of boLh physlcal hard" asseLs and sofL" asseLs
helps remove Lhe LradlLlonal sllos of sLrucLured munlclpal funcLlons Whlle Lhe hard asseLs are Lhe Lyplcal physlcal
asseLs or lnfrasLrucLure asseLs Lhe sofL asseLs of a munlclpallLy lncludes permlLs llcense code enforcemenL rlghL
ofways and oLher landfocused work acLlvlLles
1hls deflnlLlon of publlc asseL managemenL" was colned and deflned by 8rlan Paslam 9resldenL and LC of a
leadlng lnLernaLlonal lScenLrlc ompuLerlzed MalnLenance ManagemenL SysLem (MMS) company whlch
sofLware ls cerLlfled by Lhe naLlonal AssoclaLlon of lSenLrlc SoluLlons (nAS) lScenLrlc publlc asseL
managemenL ls a sysLem deslgn approach for managlng publlc asseLs LhaL leverages Lhe lnvesLmenL local
governmenLs conLlnue Lo make ln lS and provldes a common framework for sharlng useful daLa from dlsparaLe
sysLems 9ermlLs llcenses code enforcemenL rlghLofway and oLher landfocused work acLlvlLles are examples
of landfocused publlc asseLs managed by local governmenL 1hese publlc asseLs occupy locaLlon [usL as lnLhe
ground or aboveground publlc asseLs do
anduse developmenL and plannlng ls anoLher area whlch ls lnLerconnecLed Lo oLher local governmenL asseLs and
work acLlvlLles 9ubllc AsseL ManagemenL ls Lhe Lerm LhaL encompasses Lhls subseL of landfocused asset
management conslderlng Lhe lmporLance LhaL publlc asseLs affecL oLher publlc asseLs and work acLlvlLles and are
lmporLanL sources of revenue and are varlous polnLs of clLlzen lnLeracLlon