During the eight years since the publication of Maintenance Excellence: Optimizing Equipment Life-Cycle Decisions the business environment has changed drastically. Globalization, consolidation, and changes in technology challenge asset management and maintenance professionals to be more efficient. Globalization and consolidation have been particularly instrumental in the changes in maintenance standards, approaches, and the use of technology to become more efficient and cost effective. Reflecting all this and more, the second edition has been renamed: Asset Management Excellence: Optimizing Equipment Life-Cycle Decisions. New in the Second Edition: Two new chapters on Maintenance Management Fundamentals Coverage of leadership issues, the implementation of new processes, and change management Discussion of the design stage and key factors for successful implementation Understanding the dynamic influences and optimization of spares management Updated case studies Introduction to new software packages that optimize a variety of maintenance and replacement decisions Although there have been patterns and trends that have emerged around the world in asset management, the root principles are the same–personnel with tools go out to address the needs of maintaining assets. However, many of the tools, technologies, and thought processes have evolved and matured to allow a rethinking of the deeper maintenance processes. For this edition, a new set of authors and contributors have revisited the content, updated information, and added new content based on the passage of time, changes in thinking, and the introduction and improvement in technologies.