This paper is a non-technical introduction to asset management — what it is, why it is needed, what its benefits are, and how it might be implemented in a water or wastewater utility. The paper addresses the “drivers” behind asset management, including the substantial cost savings resulting from an effective program. It then discusses the “management” aspect of asset management, linking asset management to the “classical” generalized definition of management. It concludes by looking at how asset management might be implemented in a water or wastewater utility, and examines some of the institutional barriers that utility managers should be aware of.