Asset management is not a specific product, but a discipline that allows organizations with physical assets to achieve their objectives in the most cost effective way. An "asset" is defined as any entity that can be used to meet the needs of a client or customer by: performing an operation, functioning as part of a process, producing a product or performing a service.
Asset management is the optimal selection, maintenance, operation, inspection, and renewal of assets to maintain a desired level of service at the lowest life cycle cost. Lowest life cycle cost refers to the best appropriate cost for rehabilitating, repairing, or replacing assets. Asset Management is the science of making the right decisions and optimizing these processes.