Asset Lifecycle Management is a systematic approach to managing assets in order to maximize their value across their entire lifecycle. This includes strategic asset planning, acquisition processes, operational management, maintenance schedules, and end-of-life disposal or recycling. ALM involves the application of methodologies and tools to track assets, optimize their performance, and manage risks. It is frequently used in industries such as manufacturing, IT, and infrastructure management, where effective asset management can lead to improved productivity and reduced costs.