<aside> <img src="/icons/package_gray.svg" alt="/icons/package_gray.svg" width="40px" /> Asset Management is a systematic approach to governing and maximizing the value of items an entity is responsible for throughout the asset’s life cycle

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Tangible Assets

• Office buildings
• Computers
• Machinery

Intangible Assets

• Intellectual property
• Organization’s reputation
• Goodwill

Assignment and Accounting of Assets

• Each asset assigned to a person or group known as owners
• Process referred to as the allocation or assignment of ownership
• Avoids ambiguity, aids troubleshooting, upgrades, and replacements

Classification and Categorization

• Assets should be classified and categorized
• Classification based on criteria such as function and value
• Informs maintenance, replacement, or, retirement decisions
• High-value assets may require stringent maintenance schedules
• Low-value assets may be considered for recycling or disposal

Monitoring and Tracking of Assets