Glossary of Asset Management Terms

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Long-term Financial Forecast - A Long-term financial forecast is a document that forecasts an organisation's financial position over an extended period of time.

Maintenance - Maintenance is any activity performed on an asset with a view to ensuring that it is able to deliver an expected level of service until it is scheduled to be renewed, replaced or disposed of.

Maintenance Management - Maintenance Management is the management and organisation of maintenance activities

Maintenance Planning - Maintenance Planning is the process of deciding in advance the jobs, methods, tools, machines, labour time required, and timing of maintenance actions.

Maintenance Program - A maintenance program is a time-based plan allocating specific maintenance tasks to specific periods

Modern Equivalent Asset - A modern equivalent asset (also modern equivalent replacement asset) is a notional asset with which an existing asset's service potential would be restored on deprival using the latest technology available in the normal course of business.

National Asset Management Assessment Framework - The National Asset Management Assessment Framework (NAMAF) is a methodology for assessing the maturity of a Council's Asset Management practices and processes.

Nessie Curve Analysis - The Nessie Curve is an Australian infrastructure asset management tool developed by Haydn Reynolds, that graphically depicts the annual replacement needs in a particular utility, based on when the assets were installed and how long they are expected to last.

Network Asset - A network asset is an asset that is considered to be part of a network. Network assets are interconnected assets that rely on each other to provide a service. If a network asset is removed the system may not function to full capacity.

Non-Current Asset - A non-current asset is an asset that is expected to be consumed over more than one financial year.

Obsolescence - Obsolescence is the state of being which occurs when an asset is no longer wanted even though it may still be in good working order. Obsolescence frequently occurs because a replacement has become available that is superior in one or more aspects.

Operation - Operation is the act of utilising an asset. Asset operation will typically consume materials and energy.

Operational Service Level - An operational service level is a service level associated with the operation of an asset.

Passive Asset - Passive Asset refers to below ground assets such as water and sewer mains.

Pattern of Consumption - A pattern of consumption is a graph of the rate of consumption of an asset's service potential.

Periodic Maintenance - Periodic Maintenance is similar to, but more extensive than routine maintenance. Typically, periodic maintenance involves programmed clearing, programmed painting and programmed upgrades.

Planned Maintenance - Planned maintenance is maintenance organised and carried out with forethought, control and the use of records to a predetermined plan.

Preventive Maintenance - Preventive maintenance is maintenance carried out at predetermined intervals, or corresponding to prescribed criteria, and intended to reduce the probability of failure or the performance degradation of an item.

Proactive Maintenance - Proactive Maintenance is targeted maintenance programmed in response to measurements indicating a heightened possibility of failure.

Reactive Maintenance - Reactive Maintenance is a form of maintenance in which equipment and facilities are repaired only in response to a breakdown, fault or defect.

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