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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Found Asset - A found asset is an asset not included in an organisation's asset register at the time of its construction, that is subsequently identified as a being owned by the organisation, and belatedly recognised.
Funding Gap - A funding gap is the difference between;
a) the amount of funds required annually for satisfactory operation, maintenance & renewal of an asset class over the useful life of that asset class, and;
b) the amount of funds currently being spent on the asset annually.
Gifted Asset - Gifted Asset is a synonym for Donated Asset.
Gravel Resheeting - Gravel Resheeting is the process of applying a layer of gravel (usually about 150mm) to a section of unsealed road.
Green Asset - A Green Asset is an asset that has a positive environmental impact. Examples of green assets include; waterways, trees, waterbodies and stormwater treatment systems.
Greenfields Valuation - A Greenfields Valuation is a valuation that estimates the cost to replace an asset, assuming there are no existing underground services or adjacent buildings or other similar constraints that will adversely effect the cost of reconstructing or replacing the asset.
Heritage Asset - A Heritage Asset is an asset with historic, artistic, scientific, technological, geographical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture and this purpose is central to the objectives of the entity holding it.
Infrastructure Asset Management - Infrastructure Asset Management is the discipline of managing infrastructure assets.
Infrastructure Funding Gap - Infrastructure Funding Gap -> Infrastructure Gap
Infrastructure Gap - The term Infrastructure Gap (also Infrastructure Funding Gap) describes the difference between the cost of renewing existing infrastructure assets and the current expenditure on those assets.
Inspection Sheet - An inspection sheet is a hard copy document printed out to facilitate that collection of data in the field.
Intangible Asset - An intangible asset is as an identifiable non-monetary asset without physical substance. Intangible assets are sometimes referred to as simple intangibles.
Integrated Asset Management System - An Integrated Asset Management System is an asset management system that is embedded in a larger software suite. In a local government context that larger software suite would probably include a finance system and a customer request management system.
Intervention Level - In asset management the term intervention level refers to the condition score below which the owner or operator of an asset has decided it should not be allowed to deteriorate, i.e. the point in an asset's life at which it should be programmed for renewal.
Level of Service - Level of Service (also Service Level) can be defined as the service quality for a given activity. Levels of Service are often documented as a commitment to carry out a given action or actions within a specified time frame in response to an event or asset condition data.
Lifecycle Cost - The term Lifecycle Cost (also Whole of Life Cost) refers to the total cost of ownership over the life of an asset including; planning, design, construction/acquisition, operation, maintenance, renewal, finance and disposal costs.
Lifecycle Cost Analysis - Lifecycle Cost Analysis is a method of assessing which asset option, will be the most economical over an extended period of time.
Liquid Asset - A liquid asset is an asset which can be turned into cash easily or swiftly with minimum capital loss.
Long Term Council Community Plan - A Long Term Council Community Plan (LTCCP) is a comprehensive community based long term plan mandated by the New Zealand Local Government Act 2002.
Long-Term Asset Management Plan - A Long-Term Asset Management Plan is a document that -
- outlines the local government's goals, strategies and polices for managing the local government's assets and infrastructure, during the period covered by the plan; and
- covers a period of at least 10 years after the commencement of the plan.
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
- Google Search