Whole-Life Asset Management Definition
Whole-life asset management definition: the proactive and continuous management of an organization’s physical assets throughout their entire life cycle, from acquisition to disposal.
The purpose of whole-life asset management is to ensure that an organization’s physical assets are managed in a way that maximizes their value and performance over time. This is accomplished through the implementation of strategic, long-term plans that consider all aspects of an asset’s life cycle, including its purchase, operation, maintenance, repair, replacement, and disposal.
Whole-life asset management requires a systematic and disciplined approach to decision-making that takes into account the trade-offs between short-term costs and long-term benefits. It also necessitates a close working relationship between different departments within an organization, as well as between an organization and its external service providers.
When properly implemented, whole-life asset management can improve organizational efficiency and effectiveness, reduce costs, improve service delivery, and contribute to long-term sustainability.
