Asset management can be defined as a comprehensive and structured approach to the long term management of assets as tools for the efficient and effective delivery of community benefits.  This process of effectively maintaining, upgrading and operating assets, combining engineering principles with sound business practice and economic rationale, and providing the tools to facilitate a more organised and flexible approach to making decisions necessary to achieve the public's expectations."

The main streams in asset management are:

•    identification of need for the asset, in the light of community requirements
•    provision of the asset, including its ongoing maintenance and rehabilitation to suit continuing needs
•    operation of the asset
•    disposal of the asset when the need no longer exists or it is no longer appropriate for the asset to be retained.