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Asset management refers to the processes and decisions that ensure services are maintained at agreed levels and that the value of the assets (physical components of water systems, e.g. pipes, pumps, meters, generators, storage tanks, valves) is maintained by ensuring the maximum functional life and optimum performance at the lowest possible cost. Asset management systems define who is responsible for assets and the way asset inventories are carried out. [Source: Boulenouar, J. & Schweitzer, R., 2015. Infrastructure asset management for rural water supply. (Briefing notes series - Building blocks for sustainability). The Hague, the Netherlands: IRC. P. 2]