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Asset Management
Introduction
Asset management refers to systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles.
It may apply both to tangible assets (physical objects such as buildings or equipment) and to intangible assets (such as human capital, intellectual property, goodwill or financial assets).
Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks and performance attributes).
The term is commonly used in the financial sector to describe people and companies who manage investments on behalf of others.
It is also increasingly used in both the business world and public infrastructure sectors to ensure a coordinated approach to the optimization of costs, risks, service/performance and sustainability.
Extended Definition of Asset Management
Given a business or organizational objective, Asset Management is a set of activities associated with :
- identifying what assets are needed,
- identifying funding requirements,
- acquiring assets,
- providing logistics and maintainance support for assets,
- disposing and renewing assets,
so as to effectively and efficently meet the desired objective.
Aim of Asset Management
The aim of Asset Management is to enable the organization to have the assets that are appropriate to its business needs, and to provide supporting
services so that these can operate effectively.
Nees Of Asset Management System
The key driver is customer demand which lead to business objectives and business plans.To meet the business objectives we need business operations which require the support of physical assets. Asset Management
works to provide assets to support the business operations. This requires an Asset Management System which supports aseet plannning, acquistion,maintainance and logistics. Other support services such
information technology, financial and legal services are also required across all activities.
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