Logbook Module 1

 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). 

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Physical and Infrastructure asset management

Infrastructure asset management is the combination of management, financial, economic, engineering, and other practices applied to physical assets to provide the best value level of service for the costs involved. It includes the management of the entire life cycle—including design, construction, commissioning, operating, maintaining, repairing, modifying, replacing, and decommissioning/disposal—of physical and infrastructure assets. Operation and maintenance of assets in a constrained budget environment require a prioritization scheme.

As a way of illustration, the recent development of renewable energy has seen the rise of effective asset managers involved in the management of solar systems (solar park, rooftops, and windmills). These teams often collaborate with financial asset managers to offer turnkey solutions to investors. Infrastructure asset management became very important in most of the developed countries in the 21st century, since their infrastructure network was almost completed in the 20th century and they have to manage to operate and maintain them cost-effectively.

Software asset management is one kind of infrastructure asset management.

The International Organization for Standardization published its management system standard for asset management in 2014. The ISO 55000 series provides terminology, requirements, and guidance for implementing, maintaining, and improving an effective asset management system. The key for forming a structure of this sort is directly connected to local governance.

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• Physical asset management: the practice of managing the entire life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing, and decommissioning/disposal) of physical and infrastructure assets such as structures, production, and service plant, power, water, and waste treatment facilities, distribution networks, transport systems, buildings, and other physical assets. The increasing availability of data from asset systems is allowing the principles of Total Cost of Ownership to be applied to facility management of an individual system, a building, or across a campus. Physical asset management is related to asset health management.

• Infrastructure asset management expands on this theme in relation primarily to the public sector, utilities, property, and transport systems. Additionally, Asset Management can refer to shaping the future interfaces between the human, built, and natural environments through collaborative and evidence-based decision processes

• Fixed assets management: an accounting process that seeks to track fixed assets for  financial accounting

• IT asset management: the set of business practices that join financial, contractual, and inventory functions to support life cycle management and strategic decision-making for the IT environment.

• Digital asset management: a form of electronic media content management that includes digital assets

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Enterprise asset management

Enterprise asset management (EAM) systems are asset information systems that support the management of an organization's assets. An EAM includes an asset registry (inventory of assets and their attributes) combined with a computerized maintenance management system (CMMS) and other modules (such as inventory or materials management).

Assets that are geographically distributed, interconnected or networked, are often also represented through the use of geographic information systems (GIS).

GIS-centric asset registry standardizes data and improves interoperability, providing users the capability to reuse, coordinate, and share information efficiently and effectively. A GIS platform combined with information of both the "hard" and "soft" assets helps to remove the traditional silos of departmental functions. While the hard assets are the typical physical assets or infrastructure assets, the soft assets might include permits, licenses, brands, patents, right-of-ways, and other entitlements or valued items.

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The EAM system is only one of the 'enables' too good asset management. Asset managers need to make informed decisions to fulfill their organizational goals, this requires good asset information but also leadership, clarity of strategic priorities, competencies, inter-departmental collaboration and communications, workforce, supply chain engagement, risk and change management systems, performance monitoring, and continual improvement.

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