What does "property lifecycle management" refer to?

"Property lifecycle management" refers to the continuous process of managing a property from acquisition to disposal. This approach encompasses all stages of a property's existence, including planning, acquisition, operation, maintenance, and eventual disposal or decommissioning. Effective management throughout the lifecycle ensures that property is utilized efficiently, maintained properly, and disposed of responsibly, maximizing value and minimizing loss or waste.

This comprehensive understanding is essential for effective property management in a variety of contexts, particularly in environments like the Coast Guard, where assets are vital for operations. Engaging with property on this continuous basis allows for better decision-making, budgeting, and risk management throughout the lifespan of the property. By focusing on the entire lifecycle, organizations can ensure that they are addressing the needs of the property and adhering to regulations effectively.