What is Asset Management?

Municipal Infrastructure Asset Management (MIAM) refers to the systematic process of planning, acquiring, operating, maintaining, upgrading, and disposing of infrastructure assets in a cost-effective and sustainable manner. The goal of MIAM is to provide efficient and reliable services to the public while ensuring that infrastructure assets are managed in a way that maximizes their useful life and minimizes the total cost of ownership.

MIAM involves the collection and analysis of data on infrastructure assets, including their condition, usage, and performance, as well as an assessment of future needs. This information is used to prioritize and allocate resources for maintenance, rehabilitation, and replacement, and to make informed decisions about investment in new infrastructure.

In a municipal context, MIAM typically covers assets such as roads, bridges, water and wastewater systems, parks, and buildings. By implementing MIAM, municipalities can ensure that their infrastructure assets are well-maintained and in good condition, reducing the likelihood of costly breakdowns and improving the quality of life for residents. Additionally, MIAM can help municipalities make more informed and strategic investment decisions, which can improve the overall financial sustainability of the community.