Asset condition is a measure of the health of an asset.
Asset Condition is a key parameter in determining remaining useful life, and can be used to predict how long it will be before an asset needs to be repaired, renewed or replaced. Asset condition is also an indicator of how well it is able to perform its function.
Measuring, recording and understanding asset condition is a key to successful Asset Management and Good Asset Management Practice.
Factors that effect an assets condition.
- Its age
- Its environment (what weather etc it is exposed to)
- Its maintenance history (maintenance in the past)
- How well it is treated by the community
- How much use it gets (this also is accounted for in the Service Rating often a priority 1, 2, 3) but also is a factor in current condition.
Asset condition over time
The condition (and hence the future economic benefit) of most assets will deteriorate/reduce over time.
The condition of an asset may deteriorate at a steady rate or as shown below initially deteriorate slowly, and then deteriorate at a faster and faster rate until it is longer serviceable, at which time renewal works will need to be carried out to return it to as new condition.
