An asset management system (100) is disclosed, and is adapted for use to rate the condition of a physical asset component, such as a roof (102), estimate the service life of the asset, and provide a basis for decisions regarding the selection of repair alternatives and/or replacement options associated with the asset. Rating and evaluation of the asset is initiated by an operator (104) performing a "survey" of the asset to determine problem defects. Data representative of such defects is entered into the memory of an instrument (106) and transmitted to a central processing system (108). The central processing system (108) is adapted to allow the user to selectively review and evaluate the impact and financial feasibility of alternative repair and replacement options relating to the problems or defects associated with the asset.