What does "asset management" refer to in the context of a wastewater collection system?

"Asset management" in the context of a wastewater collection system is a systematic process that involves managing the physical assets of the collection system throughout their entire lifecycle. This includes planning, acquiring, operating, maintaining, and ultimately disposing of assets in a way that maximizes their value and minimizes risks associated with their operation.

This approach integrates various management practices such as performance monitoring, risk assessment, and resource allocation to ensure that infrastructure is maintained effectively while meeting regulatory requirements and service standards. It aims to optimize the reliability and efficiency of the wastewater collection system, ensuring safe and sustainable operation over time.

In contrast, focusing solely on acquiring new equipment does not encompass the full scope of asset management since it ignores the crucial ongoing activities related to maintenance, operation, and evaluation of existing assets. Other choices reflect aspects of workforce management or production metrics, which are outside the core definition of asset management in this context.