The physical audit of a facility, usually required for valuation, lifecycle cost analysis, short-term maintenance planning and long-term planning purposes.

IIMM

Stationary systems forming a network and serving whole communities, where the system as a whole is intended to be maintained indefinitely at a particular level of service potential by the continuing replacement and refurbishment of its components. The network may include normally recognised ordinary assets as components.

IIMM

Infrastructure is any long-life physical asset that consists of an entire system or network (including components), not otherwise defined, which provides the foundation to support public services and enhance the capacity of the economy.

LGAM

Physical assets that contribute to meeting the needs of organisations or the need for access to major economic and social facilities and services, eg. roads, drainage, footpaths and cycleways. These are typically large. interconnected networks or portfolios of composite assets. The components of these assets may be separately maintained, renewed or replaced individually so that the required level and standard of service from the network of assets is continuously sustained. Generally the components and hence the assets have long lives. They are fixed in place and arc often have no separate market value.

AIFMG 2009

Works to upgrade, refurbish or replace existing facilities with facilities of equivalent capacity or performance capability.

IIMM

Renewal is the replacement or refurbishment of an existing asset (or component) with a new asset (or component) capable of delivering the same level of service as the existing asset.

LGAM

Works completed to upgrade facilities significantly from the existing asset.

DERM