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- A Model for Optimizing the Life Cycle of Physical Assets based on a Circular Economy ApproachPublication . Pais, José Edmundo de Almeida e; Cardoso, António João Marques; Farinha, José Manuel TorresIn the past years, Asset Management (AM) was normally described as maintenance management; their focus was on programs, procedures, and other tasks to optimize the organization’s assets uptime. Nowadays, when considering asset management, an active life cycle management of the major assets must be taken in consideration and components considered from the cradle to the grave. On the other side, some other points must be taken into consideration when performing asset management. In the past, only a few assets were considered to be managed; this old approach brings a few weaknesses. A new approach must consider all the assets as part of the organization. Even if their role after analyses is not pivotal, it is important to know them, and plans must be made for those assets, even if they are not complex or detailed. When considering AM, there is a need to apply a Life Cycle Assessment (LCA). While doing so, many factors must be taken into consideration, focusing on reducing expenses and increasing sustainability in several aspects. Equipment with less environmental impact must always be considered and developed, while improving sustainability broadly. The principal function of asset management is to realize value from assets, but where to start? To obtain their major value, the ISO 55001 presents a set of plans. One of them is the Strategic Asset Management Plan (SAMP), which details the asset management objectives and explains their relationship with the organizational objectives and the framework required to achieve the asset management objectives. The SAMP needs to have a set of processes to realize the expected value. Asset management deals with different areas. It must have a clear way to communicate inside and outside the organization because every sector plays a vital role in the whole. On the other hand, the SAMP must provide tools to manage physical assets' life cycle. Those tools need to be quantitative to be easily measured. On the other side, the SAMP must be aligned with the organization's objectives., This alignment is communicated to ensure that external and internal stakeholders, at all levels of the organization, understand why asset life cycle activities and asset management activities are implemented. While building a SAMP, it is fundamental that it can be measured with the use of tools such as Balanced Scorecard (BSC) with adequate Key Performance Indicators (KPIs) that can bring a quantitative approach that can easily measure the quality of the SAMP. While using BSC there are four perspectives: Financial, Customer, Internal Process, and Learning and Growth, which perfectly fit the SAMP requirements.