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An organisation responsible for providing a service.
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
recurrent expenditure, which is continuously required to provide a service. In common use the term typically includes, eg power, fuel, staff, plant equipment, on-costs and overheads but excludes maintenance and depreciation. Maintenance and depreciation is on the other hand included in operating expenses. AIFMG 2009
A system supplying a public need such as transport, communications, or utilities such as electricity and water.
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 owner of an asset is the person or entity that has exclusive rights and control over that asset, whether it be an object, land/real estate or intellectual property. LGAM
A risk assessment is a process that to used to assess the risks associated with a hazard.
LGAM