Check out this article on Asset Management submitted by the PNCWA Utility Management Committee.
Asset management is the practice of managing infrastructure capital assets to minimize the total cost of owning and operating those assets while delivering the service level customers desire. Asset management can be a valuable process to gain knowledge about the condition of system components when they need to be repaired and replaced, and costs over time. This can be useful for decision-making, budgeting, capital improvements planning, and funding for projects to sustain utilities.