The Asset Lifecycle Model has its foundation in the activities that occur over the lifetime of a physical asset - programming, design, construction, operations, maintenance, repairs and utilization - and the core skills or COMPETENCIES required perform these activities. The competencies are further aligned with the business areas supporting specialized asset management business processes and practices, referred to as INDUSTRIES. This organization gives focus to the resources and skills required to effectively manage an asset in any particular phase of its lifecycle. How well the industry or competency is being performed will impact an asset’s useful life.