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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
A defect of an asset which adversely affects its ability to safely provide a service.
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
All actions necessary for retaining an asset as near as practicable to its original condition, but excluding rehabilitation or renewal. Fixed interval maintenance is used to express the maximum interval between maintenance tasks. On-condition maintenance is where the maintenance action depends upon the item reaching some predetermined condition.
IIMM
Maintenance is any activity performed on an asset with a view to ensuring that it is able to deliver an expected level of service until it is scheduled to be renewed, replaced or disposed of.
LGAM
The combination of all technical and associated administrative actions intended to retain an item in, or restore it to, a state in which it can perform its required function.
DERM
The life until the asset ceases to provide the required level of service because of physical deterioration of the asset.
Planned maintenance activities fall into three categories: i) Periodic - necessary to ensure the reliability or to sustain the design life of an asset. ii) Predictive - condition monitoring activities used to predict failure. iii) Preventive - maintenance that can be initiated without routine or continuous checking (e.g. using information contained in maintenance manuals or manufacturers' recommendations) and is not condition-based.
IIMM
Planned maintenance is maintenance organised and carried out with forethought, controland the use of records to a predetermined plan.
LGAM
The maintenance organised and carried out with forethought, control and the use of records to a predetermined plan.
DERM
Repair work that is identified and managed through a maintenance management system (MMS). MMS activities include inspection, assessing the condition against failure breakdown criteria/experience, prioritising scheduling, actioning the work and reporting what was done 10 develop a maintenance history and improve maintenance and service delivery performance.
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.
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