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Asset management (AM) has become increasingly important in various sectors and organizations over the last few decades. This introductory chapter provides an overview of asset management to facilitate a comprehensive understanding of AM, summarizing its application to urban drainage asset management (UDAM), an asset-intensive sector. The chapter includes a short history, from general AM to UDAM, and refers to milestones, key organizations, and standards. It describes AM principles and different perspectives to approach the subject. The UDAM context is outlined, providing the general processes which can influence strategic, tactical, or operational decision levels, accounting for the specific perspectives and objectives on the subject. The main approaches applied to UDAM are broadly described, some of which incorporate a balance of costs, risks, opportunities, and performance, while others focus on specific aspects. The chapter presents different types of approaches to AM, ranging from those based on condition, reliability, and risk to those based on value, followed by those based on performance or quality of service, highlighting common aspects or overlaps between them. When appropriate, guidance to the chapters where additional information on the subject can be found is provided. Finally, challenges, limitations and opportunities are highlighted.

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