Asset management is a broad term and a relatively new paradigm to the water industry. This paper is intended to present an overview of the asset management approach that emerges as a managerial and technical framework for a water utility to effectively manage above and below ground assets. Based upon the lessons learned from some limited practices in the developed countries including UK, USA, Australia and New Zealand, the article is focused on elaborating the new concept of asset management and technological requirements to implement it for a water or wastewater organization. Following the brief overview, the elements of asset management are addressed along with the classified essential technology that enables water asset management and the potential cost savings resulting from an effective program. It concludes by looking into the challenges and barriers for adopting this innovative approach.

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