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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Service Capacity - Service capacity is an asset's ability to deliver its service potential over time, expressed as a rate of service delivery.

Service Potential - Service potential is the total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.

Soft Asset - A soft asset is (in the local government context) a a non infrastructure asset.

Strategic Asset Management Plan - A Strategic Asset Management Plan (SAMP) is a document (or series of documents) that acts as both an Asset Management Plan and an Asset Management Strategy.

Strategic Planning - Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people.

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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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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