ISSN: 1451-4117
E-ISSN: 1821-31977
Volume 8 article 187 pages: 205-214
Asset Management is the culmination of a long history of development in the management of physical assets. It is about asset intensive businesses achieving a level of service, risk profile and funding requirement that is acceptable to stakeholders for the life of the assets. Asset Management involves making decisions about the interventions to physical assets required to achieve this, and can often involve a trade-off between short-term and long-term benefits. Good Asset Management concerns itself with the justification of decisions based on the best use of available information and the most appropriate tools and techniques for deciding what the optimum trade-offs are between the costs and risks inherent in all asset lifecycle activities. Ensuring organizations implement good Asset Management is of increasing interest and importance not only to the organizations themselves who stand to save vast sums of money and to control risks more effectively, but also to regulators and customers who seek best value for money and consistently good output performance both now and for future generations. Understanding, measuring and improving Asset Management capability is therefore of increasing interest too.
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