Many organisations invest a considerable amount of capital and resources, implementing new techniques to improve their performance. An effective management of production and maintenance and processes is vital for economic viability and a long-term survival of many industries. In this paper, we present the physical asset management as an area that can support organizations in improving their efficiency and effectiveness. We have identified four key areas, namely policy & strategy, risk management, performance assessment, life cycle management. As such, the findings provided in this study can help managers to recognize the key physical asset management practices. This paper concludes with some managerial implications, and presents directions for future research.