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Generally applies to above-ground assets (e.g. reservoir, pump station). DERM
A physical component of a facility which has value,enables services to be provided and has an economic life of greater than 12 months. Dynamic assets have some moving parts, while passive assets have none. IIMM
An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service. LGAM
Asset - An item with an independent physical and functional identity and age, within a facility (e.g. pump, motor, sedimentation tank, main). Asset - Service potential or future economic benefits controlled by entity as a result of past transactions or other past events. DERM
Specific parts of an asset having independent physical or functional identity and having specific attributes such as different life expectancy, maintenance regimes, risk or criticality. IIMM
An item with an independent physical and functional identity within an asset (e.g. impeller, hydrant). DERM
The total cost of an asset throughout its life including planning, design, construction, acquisition, operation, maintenance, rehabilitation and disposal costs.
IIMM
The term Lifecycle Cost refers to the total cost of ownership over the life of an asset including; planning, design, construction/acquisition, operation, maintenance, renewal, finance and disposal costs.
LGAM
The total cost of an asset throughout its life including planning, design, acquisition, operations, rehabilitation and disposal costs.
DERM
The ability of an item to perform a required function under stated conditions for a stated period of time.
DERM