Knowra Asset management Asset management Asset management is the coordinated planning, operation, maintenance, and renewal of physical assets to deliver required services while balancing cost, risk, and performance.
Asset management system : A set of interrelated policies, plans, processes, and resources used to manage assets toward organizational objectives. It turns asset-management objectives into coordinated organizational practices.
Physical asset : A tangible item controlled by an organization that contributes to delivering products or services. Asset management applies lifecycle decisions to these tangible resources.
Infrastructure asset management : The planning and care of public or utility infrastructure to sustain service over its lifecycle. It applies coordinated asset decisions to networks and facilities that support communities.
Maintenance management : The planning and control of maintenance work to keep equipment or facilities serviceable. Maintenance is one asset-management activity, not the full lifecycle decision process.
Life-cycle cost analysis : A method for comparing the costs of acquiring, operating, maintaining, and disposing of an asset over its useful life. It exposes trade-offs hidden by comparing purchase prices alone.
Asset life cycle : The stages an asset passes through, from need identification and creation to operation and disposal. The lifecycle defines the span over which costs, risks, and service must be considered.
Water supply network : A system of pipes, pumps, reservoirs, and treatment facilities that delivers potable water. Its interconnected assets require coordinated maintenance and renewal to sustain reliable supply.
Asset accounting : The recording, valuation, depreciation, and reporting of assets in financial statements. Accounting tracks financial value, while asset management also guides service and risk decisions.
Asset criticality : A measure of how strongly an asset's failure could affect safety, service, finances, or the environment. Criticality helps direct limited maintenance resources toward consequential failures.
Asset condition assessment : The systematic evaluation of an asset's physical state using inspections, tests, or monitoring. Condition evidence supports maintenance and renewal choices.
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