The requirement of predicting degradation came into light mainly to predict the maintenance cost of the Council buildings in Sri Lanka. This would result in more efficient and effective management of available budgets in the future. The most common current approach adopted is a reactive process where the assets are repaired or replaced when they degrade beyond the functional thresholds. However, this poses many risks to the asset managers as well as the community being serviced by the assets. Therefore, it is imperative to adhere to a well-structured, proven management system in order to make this transformation of asset management a reality.