"Asset Management" may be defined as a life cycle process for creating, establishing, maintaining, operating, rehabilitating and divesting an asset in an optimal or balanced manner to satisfy the constraints imposed by economy, ergonomics, technical integrity and business performance. Within this definition, physical assets include equipment, infrastructure, and people. The 'holistic' view implied here recognises the wider range of disciplines required for strategic decisions and tactical management of physical assets. Strategy and tactics depend on the asset, whereas people processes underpin the effective management of an asset.
The overall objective for the physical Asset Management module is to provide an integrated understanding of the complimentary disciplines applicable to the management of engineered assets. The module will emphasise the synergy between specialist and cross-disciplinary skills and their respective roles with respect to the management of physical assets. The overall outcome for the learner will be awareness of the collaboration required and application off cross-disciplinary skills in technical, engineering, finance logistics, human communication, and other functions to achieve effective management of physical assets.