The objective of asset management is to meet a required level of service, in the most cost effective manner, through the management of assets for present and future customers. Lifecycle asset management encompasses all practices associated with considering management strategies as part of the asset lifecycle. The objective is to look at lowest long-term cost (rather than short-term savings) when making decisions.
Asset Management Drivers and Benefits-
"Infrastructure supports the fabric of modern societies and provides an essential platform for economic growth. Other drivers for managing infrastructure assets effectively include:• concern about the ability to plan and finance infrastructure renewal across the globe;• the need to use scarce global resources effectively and sustainably; and• significant network failures across the globe highlighting societal dependence on infrastructure networks."