The document outlines a simplified asset management model that progresses from reactive maintenance to a more proactive reliability-centered approach. It advocates understanding asset failure patterns through processes like failure analysis and reliability-centered maintenance to determine the best tactics. Once failures are understood and tactics selected, a feedback loop is needed to check the tactics' effectiveness and make improvements. The model stresses aligning asset management with organizational objectives and measuring asset performance against plans. Commitment to these principles can deliver the right level of asset performance.