There are many acronyms and specialised terms used in the Asset Management arena. Some terms are well defined and others are not.
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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.
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 Class - An asset class is a grouping of assets of a similar nature and use.
Asset Condition - Asset condition is a measure of the health of an asset.
Asset Condition Inspection - An asset condition inspection is an inspection carried out on an asset to determine its condition.
Asset Disposal Plan - An Asset Disposal Plan is a plan that documents the timing of, and the costs associated with the disposal of assets. It typically forms part of an Asset Management Plan.
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 Inventory - An asset inventory is a list of assets containing sufficient information about the assets to physically locate and identify them.
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.
Asset Management Framework - An asset management framework is the way in which asset management is approached within an organisation.
Asset Management Improvement Plan - The Asset Management Improvement Plan is a strategic plan that provides for monitoring and control of the Asset Management Activites.
Asset Management Plan - An Asset Management Plan (AMP) is a plan developed for the management of one or more infrastructure assets classes with a view to operating, maintaining and renewing the assets within the class in the most cost effective manner possible, whilst providing a specific level of service."
Asset Management Policy - An Asset Management Policy is a high level document that describes how an organisation intends to approach asset management within the organisation.
Asset Management Strategy - An Asset Management Strategy is a strategy for the implementation and documentation of asset management practices, plans, processes & procedures within an organisation.
Asset Management System - An Asset Management System (AMS) is software system designed to manage assets.
Asset Register - An asset register is a database containing specific information about the assets owned or controlled by an organisation.
Asset Replacement Profile - An asset replacement profile is the projected variation over time of capital expenditure on replacement of assets.
Asset Strategic Plan - The Financial Management Standard 1997 requires asset strategic planning to be undertaken by agencies as part of their strategic and operational planning processes. The asset strategic plan links with other strategic plans of the agency including finance, human resources and information systems as enabling strategies for the delivery of the agency's core services.
Asset Sustainability Ratio - The Local Government Association of South Australia collects information on the performance of all Councils as part of its Comparative Performance Measurement Project (CPMP). Sources of this information include a number of government agencies, and a voluntary community survey.
Brownfields Valuation - A Brownfields Valuation is a valuation of an asset that takes into account the cost associated with; existing underground services, adjacent buildings or other similar constraints when calculating the replacement cost of the asset.
External Links & References
- DERM
- 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
