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 [..]

period from asset creation to asset end-of-life

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 [..]

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 [..]

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.

long-term optimized approach to management of the assets, derived from, and

consistent with, the organizational strategic plan and the asset management policy

Notes:

(1) The asset management strategy converts the objectives of the organizational

strategic plan and the asset management policy into a high-level, long-term action