You can browse all the published concept maps without signing in. If you'd like to create your own concept maps, all you have to do is sign in with Twitter. It's free!
Method by which an asset is acquired. Examples include purchase, lease, build.
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
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
The defined service quality for a particular activity (i.e. roading) or service area (i.e. streetlighting) against which service performance may be measured. Service levels usually relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost. IIMM
An asset's failure mode describes the way in which a failure occurs.
LGAM
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
(ODV) This is a set of rules, rather than a valuation approach, which describe the value boundaries for specified assets employed in monopoly markets. The rules are a combination of a cost based approach (ODRC) and the economic value where the ODV is taken to be the lowest of these.
IIMM
A risk is the probability of a failure of an asset as a result of the occurrence of a hazard. There may be a resulting cost associated with the risk.
A system supplying a public need such as transport, communications, or utilities such as electricity and water.
An organisation responsible for providing a service.
The defined service quality for a particular activity (i.e. roading) or service area (i.e. streetlighting) against which service performance may be measured. Service levels usually relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost.
IIMM
Assessed asset value which may depend on the purpose for which the valuation is required, i.e. replacement value for determining maintenance levels, market value for lifecycle costing and optimised deprival value for tariff setting.
IIMM
A valuation is the determination of the economic value of an asset.
LGAM
The current value of a non-current asset of a local government is the loss that it would incur if it were deprived of the asset’s utility (or service potential). (Synonymous with ‘deprival value’.)
DERM