Asset Lifecycle
The full span of an asset's existence — planning, acquisition, commissioning, operation, maintenance, and disposal — managed as a continuum.
The asset lifecycle covers every stage an asset passes through: specification and procurement, installation and commissioning, the long operating and maintenance phase, mid-life refurbishment, and finally decommissioning and disposal. Lifecycle management means making decisions at each stage with the whole span in view — a cheaper pump that costs more in energy and repairs over fifteen years is not cheaper.
The operating phase dominates total cost of ownership for most industrial equipment, which is why maintenance strategy is a lifecycle decision, not an operational afterthought. Data captured early — nameplate details, commissioning baselines, warranty terms — pays back for decades, while assets commissioned without records start their lives untraceable.
EAM systems exist largely to hold this continuum together: linking purchase records, warranty windows, work history, condition data, and depreciation to one asset record, so that repair-versus-replace decisions can be made from evidence rather than anecdote.
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