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Asset condition is a measure of the health of an asset. LGAM
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
Describes the rate at which an asset's condition degrades over time.
A value representing the condition of an asset, usually corresponding to an assessment of the asset's remaining useful life.
5, 10 & 11 Category Condition Rating Systems are the most common, but other systems have been used, and each system has its pros & cons. - LGAM
Continuous or periodic inspection, assessment, measurement and interpretation of the resultant data, to indicate the condition of a specific component so as to determine the need for some preventive or remedial action. IIMM
Condition Monitoring is the continuous or periodic inspection, assessment, measurement and interpretation of the resultant data, to indicate the condition of a specific component so as to determine the need for some preventive or remedial action. LGAM
The continuous or periodic measurement and interpretation of data to indicate the condition of an item to determine the need for maintenance. DERM
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
An asset class is a grouping of assets of a similar nature and use. LGAM
The cycle of activities that an asset (or facility) goes through while it retains an identity as a particular asset i.e. from planning and design to decommissioning or disposal.
IIMM
Life cycle has two meanings: 1. The cycle of activities that an asset (or aggregation of assets) goes through while it retains an identity as that asset. These activities include planning, design, acquisition and support, including rehabilitation and disposal. 2. The period of time between a selected date and the cut-off year or last year, over which the criteria (e.g. costs) relating to a decision or alternative under study will be assessed.
DERM