Asset management refers to a systematic process of managing and maintaining physical assets such as buildings, infrastructure, vehicles, equipment, etc., in order to maximize their lifespan, performance, and value. It involves identifying, acquiring, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner possible while ensuring that they continue to meet organizational needs. Asset management also includes strategic planning, budgeting, risk assessment, and decision making related to asset acquisition, utilization, and retirement. The goal is to optimize the return on investment (ROI) in assets by minimizing costs, maximizing benefits, and ensuring that they are used efficiently and effectively.