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An activity is the work undertaken on an asset or group of assets to achieve a desired outcome. 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
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.
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.
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.
The active process of utilising an asset which will consume resources such as manpower, energy, chemicals and materials. Operation costs are part of the lifecycle costs of an asset. IIMM
Operation is the act of utilising an asset. Asset operation will typically consume materials and energy. LGAM
Works to rebuild or replace parts or components of an asset, to restore it to a required functional condition and extend its life, which may incorporate some modification. Generally involves repairing the asset to deliver its original level of service (i.e. heavy patching of roads, sliplining of sewer mains, etc.) without resorting to significant upgrading or renewal, using available techniques and standards.
Rehabilitation is "works carried out to rebuild or replace parts or components of an asset, to restore it to a required functional condition and extend its life, which may incorporate some modification.
Works to rebuild, or replace parts of components of, an asset to restore it to the required functional condition and/or extend its life. This could also incorporate some modification. Generally involves repairing the asset to deliver similar function using available techniques and standards (i.e. not a significant upgrade or renewal). Examples include heavy patching of roads and slip-lining of sewer mains.
Works to upgrade, refurbish or replace existing facilities with facilities of equivalent capacity or performance capability.
Renewal is the replacement or refurbishment of an existing asset (or component) with a new asset (or component) capable of delivering the same level of service as the existing asset.
Works completed to upgrade facilities significantly from the existing asset.
An upgrade is capital works carried out on an existing asset to provide a higher level of service.