According to an online publication, the public sector has been a leader in asset management practices for a long period. The private sector has been lagging behind with players having little interest in the theory. Consequently, there was a lot of mismanagement of resources in the private sector in comparison with the public sector that was achieving sanity at the time. Government agencies had been empowered to investigate public corporations that were mismanaging funds. The agencies were mandated to carry out an audit of the resources that had been allocated to public companies to detect discrepancies that were costly. They made an inspection of government institutions such as the police department, public hospitals, and local authorities among other areas that the government played an imperative role. A task body was formed in the United Kingdom to try and establish the importance of asset management to the strategic plans of an organization and its contribution to profits. The finding of the report indicated that although technical skills contributed significantly to the performance of an organization, the role of asset management towards the success of an organization could not be ignored. Consequently, the importance of asset management is one of the factors that stirred the University that investigated correlation
Between asset management and the performance of an organization. The study unearthed shocking findings of the notion of asset management. It was created that a majority of people were unaware of the roles asset management played to the success of a business entity2.
Despite the fact that the research came up with incomplete evidence, similar studies were carried out in the 1990s.Meaningful recommendations were arrived at that saw companies adopt cost cutting measures in production processes. In addition, new methods of managing physical assets were