Glossary•Operations
Asset Management
The systematic management of physical assets throughout their lifecycle.
Full Definition
Asset management is the comprehensive approach to managing physical assets—such as building systems, equipment, and infrastructure—throughout their entire lifecycle from acquisition to disposal. Effective asset management includes tracking asset inventory, monitoring condition and performance, scheduling maintenance, managing costs, and optimizing asset utilization and lifespan.
Related Terms
CMMS (Computerized Maintenance Management System)
Software that manages maintenance operations, work orders, and asset lifecycle.
Predictive Maintenance
Using data analysis to predict equipment failures before they occur.
Work Order
A documented request or instruction for maintenance or operational tasks.