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An Asset Condition Inspection is an inspection carried out on an asset to determine its condition.
Types of inspections:
There are two main types of asset condition inspections.
Defect / hazard inspections designed to determine the need for maintenance and/or temporary works.
More detailed overall asset condition inspections designed to assess the overall condition of an asset and determine its remaining useful life.
Defect / hazard inspections are typically carried out on a more frequent basis than overall asset condition inspections, but in both cases the inspection frequency may depend on the classification of the asset within a hierarchy.
LGAM
Asset inspection performed to determine the overall condition of an asset, may also be performed for the purposes of valuation or depreciation calculation.
overall asset condition inspections (are) designed to assess the overall condition of an asset and determine its remaining useful life - LGAM