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Active Asset - "Active Asset" is a term that is sometimes used by some valuers (and others) to describe above-ground networks assets (e.g. reservoir, pump station).
Advanced Asset Management - Advanced Asset Management is Asset Management which employs predictive modelling, risk management and optimised decision making techniques to establish asset lifecycle treatment options and related long term cashflow predictions.
Annual Depreciation Charge - [[include annual-depreciation]]
Asset - An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service.
Asset Condition Assessment - An Asset Condition Assessment is the process of continuous or periodic inspection, assessment, measurement and interpretation of the resultant data to indicate the condition of a specific asset so as to determine the need for some preventative or remedial action. It is a crucial part of asset management to determine remaining useful life and an assets capability to meet performance requirements.
Asset Hierarchy - An asset hierarchy is a framework for segmenting an asset base into appropriate classifications. The asset hierarchy can be based on asset function; asset type or a combination of the two.
Asset Maintenance Management System - An Asset Maintenance Management System (AMMS) is a system designed to program & record an organisation's maintenance activities. The term Computerised Maintenance Management System (CMMS) is often used to describe the same type of software.
Asset Management - Asset Management is the combination of management, financial, economic, engineering and other practices applied to physical assets with the objective of providing the required level of service in the most cost effective manner. It includes the management of the whole life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets.
Asset Management Improvement Plan - An Asset Management Improvement Plan is a strategic plan that provides for monitoring and control of the Asset Management Improvement Activites. It provides the link between the Asset Management Strategy and the annual operations plans and budgets. This plan will ensure that acceptable progress is made on improving asset management processes and procedures and that progress can be verified and quantified.
External Links & References
- Queensland Department of Local Government, Sport & Recreation Glossary of Terms
- Wingecarribee Shire Asset Management Terminology
- Institute of Asset Management Definitions Page
- City of Joondalup Works Category Definitions
- Asset Management Series Glossary
- South Australian Road Traffic Act Definitions
- Wealth of Opportunities Glossary
- Google Search