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Asset performance management (APM) refers to the use of assets in order to realize business-specific goals. In business organizations, it is a framework that helps enable administrators to make good use of their physical assets. Different strategies are employed under asset performance management to maximize profits and reduce risk factors in a business.
In addition to creating heightened awareness and visibility of assets throughout an organization, asset performance management also helps asset-intensive organizations such as manufacturing, utilities, oil and gas, etc., to get the greatest possible benefit from their pricey equipment budgets. It includes acquisition, incorporation, conception and analysis of data strategies to serve its purpose. A number of conceptual models have been presented by world leading business experts that include selective controlling of data, extrapolative forecasting and reliability-centered maintenance (RCM).