States are beginning to require asset management plans for project financing. Effective asset management instructs utilities how to treat infrastructure as a core business. Successful asset management accounts for the true cost of ownership in making rate setting and spending decisions. This discussion will help attendees determine infrastructure reinvestment needs, while incorporating skills to present effectively to policy makers. It includes a brief background on asset management for federally funded programs. It addresses the minimum requirements of an effective program. It presents data gathering strategies for inventory, condition assessments, and failure consequences. Understanding these infrastructure parameters helps build an outcome-driven asset management program.