It is essential to have an appropriate framework to rank each asset within an industry based on its criticality. It is required to adopt cost-effective asset management for each asset based on the ranking to optimise the maintenance overhead, reduce downtime by avoiding any failure and maintain overall plant reliability and safety. The authors propose an integrated framework for decision-making, integrating interview-based qualitative research, quantitative analysis through the Analytical Hierarchy Process (AHP), and risk assessment methodologies. In the qualitative method, the Delphi interview method is proposed to extract tacit knowledge from industry experts through questionnaires to define criteria and sub-criteria for potential critical assets. Subsequently, the qualitative data gathered from the questionnaires is processed using a criticality matrix to calculate the Priority Vector (PV) for each criterion and sub-criterion. The model framework is further enhanced by integrating the PV with criticality elements such as severity and occurrence, resulting in the development of the Risk Priority Index (RPI). The RPI values are then utilised to rank and prioritise critical assets. However, the conventional single approach generally treats all criteria equally and may potentially result in inaccuracies in asset ranking. Therefore, this proposed framework is expected to overcome the limitations of each individual method.