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Definition of Infrastructure Asset Management:
The term Asset Management is in general utilized for the management of any kind of asset. However, Infrastructure Asset Management (IAM) is specifically a formal management system for physical assets, as opposed to financial assets. IAM is applied mostly to civil infrastructure systems such as water, wastewater, energy, transportation, solid waste, and communications.
Infrastructure Asset management is a business process and decision-support framework that:
1. Covers the extended service life of an asset,
2. Draws from engineering as well as economics, business, public policy and
3. Considers a diverse range of assets.
The implementation of an Infrastructure Asset Management Plan has usually the following objectives:
- To maintain an acceptable Level of Service (LoS),
- To minimize the life-cycle cost of infrastructure systems,
- To extend the service life of the system, in theory indefinitely.
In addition, the implementation of IAM on publicly owned and operated infrastructure systems show responsible and efficient use of public resources, as well as environmental and social stewardship.