Asset management, broadly defined, refers to any system whereby things that are of value to an entity or group are monitored and maintained. It may apply to both tangible assets and to intangible concepts such as intellectual property and goodwill. Asset management is a systematic process of operating , maintaining, and upgrading assets cost-effectively, (American Associate of State Highway and Transportation Officials). Alternative views of asset management in the engineering environment are: The practice of managing assets so that the greatest return is achieved (this concept is particularly useful for productive assets such as plant and equipment); and the process by which built systems of facilities are monitored and maintained, with the objective of providing the best possible service to users (appropriate for public infrastructure assets). Most active money managers produce worse returns than an index, such as the Standard & Poor's 500.

Civilization has always relied on its technological assets to support key functions like transport, public health, business and commerce. There is a clear link between the provision and sophistication of technological assets and our modern lifestyle. Persians built a strong empire through their construction of roads, aqueducts and other assets. Similar stories are found when examining Asia, Africa, Europe and the Americas.