Glossary of Asset Management Terms

This glossary is generated automatically. It displays the first paragraph of every page with the tags "definitions" & "am". If you believe you have a better definition than the one given, please click on the link and edit the page it points to. If you would like to add a new term to the glossary create the page and add the tag "definitions" to it. Click here for a list of other subject specific glossaries. Acronyms are listed separately.

Strategic Service Level - A Strategic Service Level is a service level concerned with customer outcomes but also relates to how an organisation (i.e. council) describes these services. One instance could be Community Service Level, but it is difficult to find an authoritative definition of this term.

Technical Service Level - A technical service level is a service level associated with the physical characteristics of an asset.

Terotechnology - Terotechnology is the economic management of assets. It is the combination of management, financial, engineering, and other practices applied to physical assets such as plant, machinery, equipment, buildings and structures in pursuit of economic life cycle costs.

Total Management Plan - A Total Management Plan (TMP) as an integrated strategic planning framework and business plan for maintaining or improving the quality and cost-effectiveness of services, in both the short and long term.

Underground Asset - An underground asset is an asset buried beneath the ground surface.

Unplanned Maintenance - Unplanned Maintenance is maintenance carried out to no predetermined plan.

Upgrade - An upgrade is capital works carried out on an existing asset to provide a higher level of service.

Useful Life - The useful life (UL) of an asset is the estimated length of time during which the asset is likely to be able to deliver a satisfactory level of service.

Valuation - A valuation is the determination of the economic value of an asset.

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