In the era of efficient and effective management of every system available in today’s world, the asset management is the new concept emerging from the foundation of the “maintenance” term which has been used for last few centuries.
An asset can be defined as an entity which may or may not have life cycle including planning, creation/acquisition and disposal/decommission.
An asset can be tangible or intangible e.g. car ,infrastructure or body,mind or intellectuality.
An asset management is an art of managing an asset such a way in effective and efficient way that generates user satisfaction, minimal life cycle cost and functional delivery at its best for which the asset has been created for.
For an example , if you manage your car which provides you best outcome by minimal maintenance cost and maximum usage ,you are doing good asset management where you may have taken some decisions on replacement over repairs for longer term benefits out of the replacement.
An asset management is an evolving process for the owners always aims towards the self-improvement.
I will start a complete series on the asset management.Keep reading if you are interested.
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