Infrastructure Asset Management (IAM) is the process by which decisions are made and resources allocated to ensure organisational or societal assets continue to deliver, as required. IAM is an evolving field. We discuss this evolution and present our perspectives on the future direction of IAM. IAM was born as a response to the poor state of maintenance of infrastructure, largely due to lack of resources, and emphasizes the need to prioritize maintenance and renewal using risk-based approaches. The demands on IAM have also continued to evolve as asset systems have become more complex, with multifunctionality, adaptative capacity and nature-based infrastructure, all issues that IAM must now consider. These challenges underpin the changing context of Water Infrastructure Asset Management (WIAM) and the opportunity for WIAM to harness new technical developments from other IAM domains. WIAM will need to continue to evolve, responding to these challenges and take advantage of these opportunities through research and application in collaboration with a relevant education and capacity development agenda.
A Petri Net-based life cycle cost analysis approach
