The effective management of physical assets is of paramount importance for asset-intensive organizations as the assets contribute significantly to the organization¿s profitability and financial performance. Historically, asset monitoring has been approached through the lens of maintenance management, but it is important to recognize that maintenance is just one stage of an asset's lifecycle stages. This highlights the need for a more comprehensive approach, more precisely an Asset Management System (AMS), that seeks to maximize the value by monitoring assets throughout their entire lifecycle, from concept to disposal. The AMS comprises of the other management systems principles and provides a framework, assisting the decision-makers to assess the criticality of assets and make informed decisions regarding assets¿ timely improvement or replacement. The aim of this master's thesis is therefore to develop an AMS decision-making framework that includes the relevant Key Performance Indicators (KPI) with respect to the AMS interfaces to the other management systems. This framework serves to assist managers in evaluating the criticality of assets, determining the appropriate course of action to maintain, enhance or replace the assets, and aligning these decisions with the overall strategic goals of the organization. Hence, the theoretical part of this study delves into the core concepts of the AMS, its interfaces with other management systems, KPIs and KPIs assessment techniques, as well as the assets criticality assessment approaches. The theoretical part forms the basis for the application of the proposed AMS framework in a practical case study conducted at the company BRP-Rotax. Since the AMS framework must be adopted based on the company¿s requirements and its available data, the current situation of the company as well as its current AMS are first assessed using expert interviews and workshops. The results serve as the basis for the KPIs determination and the framework implementation. The result of this work validates the practical applicability of the developed AMS framework, and simultaneously presents recommendations for enhancing the developed AMS in order to bridge the gap between the current state at the company and the desired target state.