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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
Specific parts of an asset having independent physical or functional identity and having specific attributes such as different life expectancy, maintenance regimes, risk or criticality. IIMM
An item with an independent physical and functional identity within an asset (e.g. impeller, hydrant). 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
Long-term financial plans take the funding projections for delivery of services from infrastructure, developed in asset management plans into a corporate financial plan covering all activities and services of the organisation. Long-term financial plans typically cover a period of 10 years. Accuracy and reliability of financial projections vary over the planning period ranging from good accuracy in the early years (1-3 years) to a lesser accuracy in the later years of the period. These relative accuracies are taken into account in annual updating and review of long-term financial plans. Based on the results of Australian local government financial sustainability reports, initial versions of the long-term financial plan may indicate that existing income levels will be insufficient in future to sustain existing service levels from infrastructure.
AIFMG 2009
Any technique which allows assessment of a given solution, or choice from among alternative solutions, on the basis of all relevant economic consequences over the service life of the asset.
IIMM
Lifecycle Cost Analysis is a method of assessing which asset option, will be the most economical over an extended period of time.
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