Asset lifecycle refers to the series of stages involved in the management of an asset, from planning to disposal. The stages of asset lifecycle management are generally broken down into five stages: planning, acquisition, utilization, maintenance, and disposal. The basic premise of asset lifecycle management is to extend an assets usability as far as possible without losing any functionality, and proper planning and management are essential to this process. The benefits of effective asset lifecycle management include maximizing an organizations return on investment, increasing efficiency, and reducing maintenance costs. The stages of the asset lifecycle may vary depending on the asset in question, but the principles remain the same.