Asset management is a term that’s been in wide use for a long time by different audiences. A common theme associated with this term across those audiences, however, is that it seeks to optimize the value that organizations realize from their assets. It also recognizes that value can be measured not only in financial terms, but also from the perspective of achieving an organization’s objectives and meeting stakeholder expectations.
The Community of Asset Management Practitioners in the US and around the world understands asset management to be a disciplined approach used by organizations to translate their strategic and operational objectives into asset-related plans, decisions, and activities. Organizations practicing this discipline know that effective control and governance of assets is essential to realize value through managing risk and opportunity, while maintaining the desired balance of cost, risk and performance.
