Asset Management
The systematic process of managing physical assets throughout their lifecycle to maximize value.
Full Definition
Asset Management is the systematic process of developing, operating, maintaining, upgrading, and disposing of physical assets (equipment, buildings, infrastructure) in the most cost-effective manner throughout their lifecycle. It involves tracking asset location, condition, performance, maintenance history, and costs. Effective asset management extends asset life, reduces total cost of ownership, and ensures reliability.
Related Terms
Equipment
Physical assets like HVAC units, pumps, and electrical systems that are monitored and maintained.
Work Order
A maintenance or service request tracked in a CMMS system.
Preventive Maintenance
Scheduled maintenance performed to prevent equipment failures and extend asset life.
CMMS (Computerized Maintenance Management System)
Software that manages maintenance operations, work orders, equipment inventory, and maintenance schedules.
Facility Management (FM)
The practice of coordinating and managing the physical workplace, including buildings, infrastructure, and services.