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Understanding Asset Management

Asset management is a complete and structured approach to the long-term management of assets as tools for the efficient and valuable delivery of community benefits. An association called world road association (PIARC) has adopted an OECD definition of asset management. Road asset management means managing a road network that is roads, bridges, traffic facilities, etc to satisfy the requirements of business and private road users, at the lowest possible cost over a long period of time. Asset management is being advocated as an essential improvement for the manufacturing, process, and production industries.

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