Effective management of civil infrastructure assets requires intricate considerations with regard to safety, serviceability, reputation and cost. Additionally, infrastructure assets have different requirements from various stakeholders and have a longer service life. However, traditional asset management decisions focused predominantly on cost, and there is an inherent need to understand the value of an infrastructure asset to various stakeholders and to utilise this value to drive asset management decisions. In this paper, a systematic approach to making value-based asset management decisions is proposed. The proposed process provides an efficient method for mapping the stakeholder’s requirements to the value provided by the asset. This map can then be used to assess the value and make effective decisions. The developed approach is demonstrated through a case study involving transportation tunnels. The essential consideration of value is expected to allow organisations to evaluate the balance between cost, risk and performance, thereby allowing better-informed decisions.