Lifecycle Asset Management

Lifecycle Asset Management involves overseeing physical assets—like machinery, buildings, or equipment—throughout their entire lifespan. This includes planning, acquiring, maintaining, and eventually replacing or disposing of assets to maximize value and efficiency. The goal is to optimize performance, reduce costs, and extend asset usefulness by making informed decisions at each stage, from initial purchase to end-of-life. It combines strategic planning with ongoing management to ensure assets serve their purpose effectively while minimizing risks and expenses over time.