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Core Concepts
The frameworks and ideas behind effective physical asset management.
Asset Lifecycle
The asset lifecycle represents the full journey of an asset—from acquisition and active use to maintenance, retirement, and replacement.
Key stages
- 1Planning & procurement
- 2Deployment & active use
- 3Maintenance & optimization
- 4Retirement & replacement
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Circular Economy
The circular economy is a sustainability model focused on extending asset lifespan, reducing waste, and maximizing reuse through smart maintenance and resource efficiency.
Key stages
- 1Design for longevity
- 2Optimize utilization
- 3Extend lifespan via maintenance
- 4Recover value through reuse
Related in Shelf
Need a quick definition?
Our glossary covers terms like asset tagging, check-in/check-out, ghost assets, and preventive maintenance.
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