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An activity is the work undertaken on an asset or group of assets to achieve a desired outcome. IIMM
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
A plan developed for the management of one or more infrastructure assets that combines multi-disciplinary management techniques (including technical and financial) over the lifecycle of the asset in the most costeffective manner to provide a specified level of service. A significant component of the plan is a long-term cashflow projection for the activities. IIMM
An Asset Management Plan (AMP) is a plan developed for the management of one or more infrastructure asset classes with a view to operating, maintaining and renewing the assets within the class in the most cost effective manner possible, whilst providing a specific level of service." 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 assets discounted cashflow value derived by discounting the free cashflow of the asset by an appropriate risk adjusted discount rate. IIMM
The economic value of an asset is the discounted cashflow value derived by discounting the free cashflow of the asset by an appropriate risk adjusted rate. LGAM
The value of an asset deriving from its ability to generate income which is measured by discounting the net cashflow of the asset by an appropriate risk adjusted discount rate. For non-cash generating assets, the economic value is the value of the goods and services produced or provided to meet the entity's objectives. AIFMG 2009
A hazard is any matter, thing, process or practice that may cause death, injury, illness or disease. LGAM
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
A characteristic of design and installation usually identified by the time and effort that will be required to retain an asset as near as practicable to its new or desired condition within a given period of time.
AIFMG 2009
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.
A plan containing the long-term goals and strategies of an organisation. Strategic plans have a strong external focus, cover major portions of the organisation and identify major targets, actions and resource allocations relating to the long-term survival, value and growth of the organisation. IIMM
The Financial Management Standard 1997 requires asset strategic planning to be undertaken by agencies as part of their strategic and operational planning processes. The asset strategic plan links with other strategic plans of the agency including finance, human resources and information systems as enabling strategies for the delivery of the agency's core services. A Strategic Asset Management Plan (SAMP) is a plan that documents service standards (set by the service provider) as well as an operations, maintenance and renewals strategy for achieving these standards. 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
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