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Physical and Infrastructure asset management

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Infrastructure asset management is the combination of management, financial, economic, engineering, and other practices applied to physical assets with the objective of providing the best value level of service for the costs involved. It includes the management of the entire life cycle—including design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal—of physical and infrastructure assets.[1] Operation and maintenance of assets in a constrained budget environment require a prioritization scheme. As a way of illustration, the recent development of renewable energy has seen the rise of effective asset managers involved in the management of solar systems (solar park, rooftops, and windmills). These teams often collaborate with financial asset managers in order to offer turnkey solutions to investors. Infrastructure asset management became very important in most of the developed countries in the 21st century, since their infrastructure network was almost completed in the 20th century and they have to manage to operate and maintain them cost-effectively.[2] Software asset management is one kind of infrastructure asset management.

The International Organization for Standardization published its management system standard for asset management in 2014.[3] The ISO 55000 series provides terminology, requirements, and guidance for implementing, maintaining and improving an effective asset management system.

Physical asset management: the practice of managing the entire life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets such as structures, production and service plant, power, water and waste treatment facilities, distribution networks, transport systems, buildings and other physical assets. The increasing availability of data from asset systems is allowing the principles of Total Cost of Ownership to be applied to facility management of an individual system, a building, or across a campus. Physical asset management is related to asset health management.
Infrastructure asset management expands on this theme in relation primarily to the public sector, utilities, property and transport systems. Additionally, Asset Management can refer to shaping the future interfaces between the human, built, and natural environments through collaborative and evidence-based decision processes
Fixed assets management: an accounting process that seeks to track fixed assets for the purposes of financial accounting
IT asset management: the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment.
Digital asset management: a form of electronic media content management that includes digital assets

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Last update:
August 2020
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