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Asset ManagementThe term Asset Management has many industry specific definitions. In terms of the urban built environment the practice of Asset Management has become increasingly important as the infrastructure that supports the urban lifestyle ages. This infrastructure includes our water, wastewater, stormwater, electric, gas, and transportation systems. The assets that make up the infrastructure are owned and operated by both public and private institutions where the primary focus has been on constructing new systems to improve the public's standard of living since the late 1800's. As these systems reach the end of their useful life, these public and private organizations are challenged to make the significant investments required to renew their assets if they are to continue to provide the level of service expected amidst population growth and budget constraints. To meet this challenge many organizations are turning to techniques in Asset Management to help them offset the costs and manage the renewal effort over time. For these institutions the term 'Asset Management' can be defined as: Asset Management for long lived urban infrastructure assets: A business process that utilizes inventory, condition, performance, and criticality information about a system of infrastructure assets to continuously provide the level of service expected by the population served while minimizing costs and risk to public health and welfare.
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