Purpose: The purpose of this empirical study is to examine the role of two contingency factors, i.e. uncertainty andcompetitiveness in relation to physical asset management (PAM) practices as well as to maintenance key performanceindicators. The research is based on a premise that PAM, which was defined by risk management practices,performance assessment practices, life cycle management practices, and policy & strategy practices, has becomean indispensable element of strategic thinking of asset owners as well as maintenance and asset managers. Thepurpose of this study is to advance the understanding of how organizations that face high or low level of uncertaintyand competitiveness respond in terms of PAM deployment.Methodology/Approach: This study employed a data set based on a large-scale survey among organizations insix European countries (i.e. Slovenia, Poland, Greece, Sweden, Turkey and Slovakia). Data were collected from 138organizations located in the above-mentioned countries to conduct the study.Findings: The results show that organizations that are faced with high level of uncertainty and competitiveness aremore engaged in the deployment of PAM practices. Moreover, results show that when organizations are facing highlevels of competitiveness they are using KPIs to a greater extent than organizations under low levels of competitiveness.Originality/value: From a theoretical perspective, this study contributes to the contingency theory by providingempirical evidence whether a context-dependent approach to PAM is needed. The findings also provide insights formanagers on how to respond to the competitive pressure as well as how to customize PAM practices in order to adaptto the changes in dynamic organizational environment.