Value: Assets exist to provide value to the organization and its stakeholders. Asset management does not focus on the asset itself, but on the value that the asset can provide to the organization. The value (which can be tangible or intangible, financial or non-financial) will be determined by the organization and its stakeholders, in accordance with the organizational objectives.
Asset management involves the balancing of costs, opportunities and risks against the desired performance of assets, to achieve the organizational objectives. The balancing might need to be considered over different timeframes.
Alignment: Asset management translates the organizational objectives into technical and financial decisions, plans and activities.
Leadership: Leadership and workplace culture are determinants of realization of value.
Assurance: Asset management gives assurance that assets will fulfil their required purpose.