What is Asset Management ?
Asset Management refers to the systematic process of developing, operating, maintaining, and upgrading assets in a cost-effective way. It involves managing assets throughout their lifecycle to maximize value and ensure their efficient use. Asset management can be categorized into several different types, depending on the types of assets being managed and the sector of application. Here are some of the major types of asset management: 1. Physical Asset Management Definition : Involves managing tangible assets such as buildings, machinery, vehicles, and infrastructure. Industries : Manufacturing, automotive, energy, power, and public infrastructure. Purpose : To maximize the lifespan, efficiency, and reliability of physical assets while minimizing costs through effective maintenance, repair, and replacement strategies. 2. Financial Asset Management Definition : The management of financial assets such as investments in stocks, bonds, mutual funds, and other financial instruments. Industri