Definition of Engineering Asset Management: A Review

Abstract

The terminology of "Asset Management" (AM) has been widely used in many organizations. It has been generally accepted and defined as a cost effective approach for asset operation, maintenance, upgrade, and disposal. It covers many scopes and topics spanning from financial, IT, human resources, and also physical engineered assets. Engineering asset management (EAM) is the management of engineering assets and it provides guidelines on the effective usage of all the physical engineered assets within the organization. It is deemed essential to understand the concept of effective EAM and practices in an organization. This paper provides a review on the definition and concepts of AM and EAM with the aim of providing good insights and understanding on this topics.