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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
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 net value obtained upon sale. IIMM
DISPOSAL Activities necessary to dispose of decommissioned assets.
IIMM
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
The cost of replacing an existing asset with a substantially identical new asset.
IIMM
The "Replacement Cost" (also Replacement Value & Capital Replacement Value) of an asset is the cost of replacing it with a substantially identical new asset.
LGAM
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.
The total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.
IIMM
Service potential is the total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.
LGAM
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
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