A method of managing an asset inventory is provided. The method includes obtaining data related to assets of the asset inventory and analyzing the obtained data to estimate a total number of assets required by the asset inventory over a time period. The method also includes determining a first cost of owning an asset and a second cost of leasing an asset and allocating the asset inventory between a first number of owned assets and a second number of leased assets to achieve an estimated least-cost value of maintaining the total number of assets over the time period.