Asset retirement management involves overseeing the process of decommissioning and disposing of assets at the end of their lifecycle. This includes planning and executing the retirement process, ensuring compliance with regulatory requirements, and managing associated costs. Effective asset retirement management ensures that assets are retired in a cost-effective, environmentally responsible manner while minimizing operational disruptions. It also involves coordinating with financial and operational teams to track and optimize the retirement process, ensuring that all activities align with organizational goals and regulatory standards.
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