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Definitions (57)
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asset
Item, thing or entity that has potential or actual value to an organization. Notes: (1) Value can be tangible or intangible, financial or non-financial, and includes consideration of risks and liabilities. It can be positive or negative at different stages of the asset life. (2) Physical assets usually refer to equipment, inventory an [..]
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asset life
period from asset creation to asset end-of-life
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asset management
Coordinated activity of an organization to realize value from assets. Notes: 1. Realization of value will normally involve a balancing of costs, risks, opportunities and performance benefits. 2. Activity can also refer to the application of the elements of the asset management system. 3. The term “activity” has a broad meaning an [..]
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asset management plan
Documented information that specifies the activities, resources and timescales required for an individual asset, or a grouping of assets, to achieve the organization’s asset management objectives. Notes: (1) The grouping of assets may be by asset type, asset class, asset system or asset portfolio. (2) An asset managemen [..]
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asset management system
Management system for asset management whose function is to establish the asset management policy and asset management objectives. Note: The asset management system is a subset of asset management.
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asset
long-term optimized approach to management of the assets, derived from, and
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management
consistent with, the organizational strategic plan and the asset management policy
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strategy
Notes:
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(1) The asset management strategy converts the objectives of the organizational
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(also refer to
strategic plan and the asset management policy into a high-level, long-term action
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