Physical Asset Management

Physical Asset Management refers to the systematic approach of overseeing and maintaining physical assets like buildings, machinery, and equipment throughout their lifecycle. It involves planning for acquisition, operation, maintenance, and eventual disposal to maximize their value and efficiency. By managing these assets effectively, organizations can reduce costs, improve performance, and ensure safety and compliance. This practice helps organizations make informed decisions about when to repair, replace, or upgrade assets, ultimately supporting long-term operational goals and sustainability.