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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
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
Asset condition is a measure of the health of an asset. 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
Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of other Australian Accounting Standards. LGAM
Cost (current) - An asset’s cost measured by reference to the lowest cost at which the gross service potential of the asset could currently be obtained in the normal course of events. (Synonymous with ‘gross current cost’.) Cost (replacement) - The cost of restoring an existing asset’s gross service potential on deprival, whether by reproduction of the existing asset or replacement with a reference asset. Cost (reproduction) - The cost of restoring an existing asset’s gross service potential on deprival by reproducing the existing asset. Cost (written down current) - An asset’s current cost less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired service potential of the asset DERM
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
A complex comprising many assets (e.g. a hospital, water treatment plant, recreation complex, etc.) which represents a single management unit for financial, operational, maintenance or other purposes.
IIMM
A facility is a group of assets located within a designated area that are associated in some way.
LGAM
Facility - A group of assets that provides a function or service (e.g. pump station, reservoir, treatment plant, reticulation system). Facility - A complex of assets (e.g. a hospital, water treatment plant, sporting complex) that represents a single management unit for financial, operational, maintenance or other purposes.
DERM
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
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
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