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A risk assessment is a process that to used to assess the risks associated with a hazard.
LGAM
A technique for analysing and evaluating a maintenance strategy or life-cycle strategy to ensure that the application has the desired reliability characteristics by obviating those critical failure modes through employment of redundancy, providing alternate modes of operation, de-rating, or any other means. - 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 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 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