Asset Management Terminology

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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Asset Maintenance Strategy - An Asset Maintenance Strategy is a strategy for the implementation and documentation of asset maintenance practices, plans, processes & procedures within an organisation.

Asset Management - Asset Management is the combination of management, financial, economic, engineering and other practices applied to physical assets with the objective of providing the required level of service in the most cost effective manner. It includes the management of the whole life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets.

Asset Management Framework - An asset management framework is a set of documents, systems and processes that addresses an organisation's asset management responsibilities.

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 Maturity Model - An Asset Management Maturity Model is a standardised list of asset management related competencies that can be used to compare how well different organisations are implementing asset management.

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.

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 Renewal - [[include renewal]]

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.


External Links & References

  1. DERM
  2. Queensland Department of Local Government, Sport & Recreation Glossary of Terms
  3. Wingecarribee Shire Asset Management Terminology
  4. Institute of Asset Management Definitions Page
  5. City of Joondalup Works Category Definitions
  6. Asset Management Series Glossary
  7. South Australian Road Traffic Act Definitions
  8. Wealth of Opportunities Glossary
  9. Google Search
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