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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 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 plan developed for the management of one or more infrastructure assets that combines multi-disciplinary management techniques (including technical and financial) over the lifecycle of the asset in the most costeffective manner to provide a specified level of service. A significant component of the plan is a long-term cashflow projection for the activities. IIMM
An Asset Management Plan (AMP) is a plan developed for the management of one or more infrastructure asset classes with a view to operating, maintaining and renewing the assets within the class in the most cost effective manner possible, whilst providing a specific level of service." 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
"Level of Service" can be defined as the service quality for a given activity. Levels of Service are often documented as a commitment to carryout a given action or actions within a specified time frame in response to an event or asset condition data.
LGAM
All assets other than current assets, including assets held but not traded by a business in order to carry out its activities. Such assets are intended for use, not exchange, and normally include physical resources such as land, buildings, drains, parks, water supply and sewerage systems, furniture and fittings.
IIMM
An asset of a business which is expected to be consumed over more than one financial year.
DERM
May be expressed as either: (a) The period over which a depreciable asset is expected to be used, or (b) The number of production or similar units (i.e. intervals, cycles) that is expected to be obtained from the asset.
IIMM
The "useful life" (UL) of an asset is the estimated length of time during which the asset is able to deliver a given level of service.
LGAM