Asset management

Asset management means a strategic and systematic process of operating, maintaining, and improving physical assets, with a focus on both engineering and economic analysis based upon quality information, to identify a structured sequence of maintenance, preservation, repair, rehabilitation, and replacement actions that will achieve and sustain a desired state of good repair over the lifecycle of the assets at minimum practicable cost.

Source

23 CFR § 450.104

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Scoping language

Unless otherwise specified, the definitions in 23 U.S.C. 101 and 49 U.S.C. 5302 are applicable to this part.

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