Physical Asset Management - where do we start to start it right?

It all depends on the location, situation and type of project.  However, in general we should start at the begining and catogrise each item depending on cost, type of item and the resale value, taking in to account the annual depreciation percentage set against each group of items.  All of which should be recorded when the delivery and purchase has been made.  Even items which have depreciated to zero should still be managed.