The concept of asset management that has emerged is very broad and represents a set of business principles for making more effective resource allocation decisions. While much of the early application of asset management principles focused on infrastructure preservation activities, the principles apply equally to all functions and the entire life cycle of decision-making from defining policy objectives to planning, programming, budgeting, program and project development and design, operations, construction, maintenance, and system monitoring

http://www.fhwa.dot.gov/infrastructure/asstmgmt/positionpaper.htm