Infrastructure asset management involves theoretical considerations of optimizing the performance, longevity, and cost$-$effectiveness of infrastructure assets over their life cycle. Develop a comprehensive theoretical framework elucidating principles of asset management methodologies, including condition assessment, deterioration modeling, and life cycle costing analysis. Explore theoretical models for prioritizing maintenance, repair, and rehabilitation actions based on risk, performance, and budget constraints, and discuss theoretical approaches to integrating asset management principles into infrastructure planning, financing, and decision$-$making processes, aiming to maximize the value and sustainability of infrastructure investments.