Asset Management Terminology

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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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 Category - An Asset Category (also Asset Group) is a group of asset types with similar attributes.

Asset Class - An asset class is a grouping of assets of a similar nature and use.

Asset Classification Scheme - An Asset Classification Scheme is the way assets are classified within a database.

Asset Component Checklist - An asset component checklist is a list of component types that could be part of a typical asset of a particular asset type.

Asset Condition - Asset condition is a measure of the health of an asset.

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 Condition Inspection - An Asset Condition Inspection (also Asset Condition Survey) is an inspection carried out on an asset to determine its condition.

Asset Data Collection - Asset data collection, is the process of collecting physical asset data.

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 Identification Label - An Asset Identification Label is an adhesive plastic tag that can be affixed to an asset to help identify it. The tags may or may not be bar coded.

Asset Inventory - An asset inventory is a list of assets containing sufficient information about the assets to physically locate and identify them.

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 Framework - An asset management framework is a set of documents, systems and processes that addresses an organisation's asset management responsibilities.

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.

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External Links & References

  1. DERM
  2. Queensland Department of Local Government, Sport & Recreation Glossary of Terms
  3. Wingecarribee Shire Asset Management Terminology
  4. Institute of Asset Management Definitions Page
  5. City of Joondalup Works Category Definitions
  6. Asset Management Series Glossary
  7. South Australian Road Traffic Act Definitions
  8. Wealth of Opportunities Glossary
  9. Google Search
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