Glossary of Asset Management Terms

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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.

Asset Management Plan - An Asset Management Plan (AMP) is a plan developed for the management of one or more infrastructure asset 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. It is a high level but very important document that guides the overall asset management activities within an organisation.

Asset Management System - Term Asset Management System (AMS) has two main meanings in the local government context.

Asset Numbering System - An Asset Numbering System is a system for assigning unique asset numbers to assets.

Asset Register - An asset register is a database or document 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 Revaluation Index - An Asset Revaluation Index is a measure of how the cost of engineering construction changes over time. The Queensland Office of Economic and Statistical Research publishes 3 monthly Asset Revaluation Index updates.

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 Sub-Type - Asset Sub-Type is a field within some asset management systems. It is typically more specific than the asset type field, and may reference an asset's; function, material, size & style.

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.

Asset Type - An asset type is a generic name assigned to a group of assets with a similar or identical function. It is usually an important field within an asset database / asset management system.

Breakdown Maintenance - Breakdown Maintenance is maintenance that is performed on an asset after it has failed.

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.

Capital Expenditure - Capital Expenditure (CAPEX) is expenditure that creates an asset or that increases an existing asset's remaining useful life (RUL).

Capital Upgrade - A Capital Upgrade is any project (including a land purchase) that extends or upgrades and asset to cater for growth or additional service levels.

Capital Works Evaluation Framework - A Capital Works Evaluation Framework is a system used to assist in prioritising projects for consideration within an organisation's Capital Works Program.

Community Service Level - A community service level / community level of service is a service level that specifies the level of service that is to be provided to the community.

Component - A component is a part of an asset that for any reason needs to be identified separately from its parent asset. Reasons may include a different useful life or maintenance regime.

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