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If asset management is about providing the desired level of service at the lowest life cycle costs, the costs must be clearly understood. Typically, when costs are\u00a0discussed,\u00a0the focus is on financial costs, but that perspective is\u00a0often\u00a0too limited to fully understand the costs and benefits of any given\u00a0asset are. Therefore, it is important to consider costs and benefits in both quantitative and qualitative terms.<\/span>\u00a0<\/span><\/p>\n Not only is it important to understand the full spectrum of costs and benefits for each asset,\u00a0it\u00a0is also important to understand how an asset\u2019s functionality changes over time. Some assets decay over time.\u00a0Some decay with use.\u00a0Some\u00a0improve\u00a0in\u00a0functionality over time. Some assets\u2019 functionality\u00a0improves,\u00a0and\u00a0then decays. These changes in functionality will\u00a0impact\u00a0the way the system looks at the financial planning for the asset.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Understanding the Costs If asset management is about providing the desired level of service at the lowest life cycle costs, the costs must be clearly understood. Typically, when costs are\u00a0discussed,\u00a0the focus is on financial costs, but that perspective is\u00a0often\u00a0too limited to fully understand the costs and benefits of any given\u00a0asset are. Therefore, it is important to consider costs and benefits in both quantitative and qualitative terms.\u00a0 Not only is it important to understand the full spectrum of costs and benefits for each asset,\u00a0it\u00a0is also important to understand how an asset\u2019s functionality changes over time. Some assets decay over time.\u00a0Some decay with use.\u00a0Some\u00a0improve\u00a0in\u00a0functionality over time. Some assets\u2019 functionality\u00a0improves,\u00a0and\u00a0then decays. These changes in functionality will\u00a0impact\u00a0the way the system looks at the financial planning for the asset.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-6867","page","type-page","status-publish","hentry"],"yoast_head":"\n