Asset Management Framework

The Asset Management BC website provides a comprehensive framework for asset management that supports local governments in moving towards service, asset, and financial sustainability through an asset management process. The framework is designed to be scalable to community size and capacity, and it focuses on desired outcomes rather than prescribing specific methodologies. It also provides a circular, continuous pathway to link all components of the process together. The framework is a living document that will be periodically updated to reflect current best practices.

The U.S. Environmental Protection Agency has published a document that outlines the fundamentals of asset management. The document emphasizes the importance of systematic integration of advanced and sustainable management techniques into a management paradigm or way of thinking, with primary focus on the long-term life cycle of the asset and its sustained performance, rather than on short-term, day-to-day aspects of the asset.

The Department of Treasury and Finance in Victoria, Australia has developed an asset management accountability framework that aims to ensure an agency’s asset base addresses its service delivery objectives. The framework covers four key stages of the asset lifecycle: planning, acquisition, operation and maintenance, and disposal.

IBM defines enterprise asset management (EAM) as a combination of software, systems, and services used to maintain and control operational assets and equipment. The aim is to optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime, and reduce operational costs.

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