Asset Management Glossary

A metric that measures the ratio of deferred maintenance costs to current replacement value, expressed as a percentage.

A length-weighted roll-up of 0-100 condition scores across all features in an infrastructure network, giving one comparable health score per network.

A 0-100 numerical rating of pavement surface condition based on a visual survey of distress types per ASTM D6433, where 100 is perfect.

An asset whose extent and value are distributed along a length rather than a point - watermains, sewers, roads, cable and fibre runs, gas lines.

The process of managing an asset from acquisition through operation, maintenance, and eventual disposal or replacement.

Scheduled maintenance activities performed to prevent equipment failures before they occur.

A software platform that centralizes maintenance information, automates work orders, and schedules preventive maintenance.

A document that authorizes and tracks maintenance tasks, including labor, parts, and completion details.

The process of budgeting for long-term asset investments, replacements, and major repairs over multiple years.

The systematic process of identifying and replacing assets that have reached end of useful life or exceeded acceptable risk thresholds.

The end-to-end process of selecting, contracting, onboarding, monitoring, and managing external service providers.

The systematic evaluation of the likelihood and consequence of asset failure using LoF x CoF scoring to prioritize maintenance and replacement.

A standard classification system (ASTM E1557) that organizes building elements by function rather than by product or trade.

Maintenance activities identified as necessary but postponed due to budget or resource constraints. The numerator in the FCI formula.

The coordination of work performed by technicians at locations outside the main office, including mobile work orders and dispatching.

A formal submission from a non-maintenance user to report an issue or request service, entering an approval workflow before becoming a work order.

A comprehensive approach to managing physical assets across their entire lifecycle at an organization-wide scale, extending CMMS with capital planning and risk assessment.

A systematic evaluation of an asset or facility to determine its current physical state, identify deficiencies, and calculate FCI.

The average time between repairable system failures, calculated as total operating time divided by the number of failures.

The average time required to repair a failed asset and restore it to operational condition.

A metric measuring manufacturing productivity by multiplying Availability, Performance, and Quality rates.

The complete cost of an asset over its full lifecycle, including acquisition, operation, maintenance, and disposal.

A maintenance strategy where assets are intentionally operated until failure, appropriate for non-critical, inexpensive assets.

A maintenance strategy using condition monitoring data and analytics to predict when equipment will fail and schedule maintenance accordingly.

A systematic methodology for determining the most effective maintenance strategy for each asset based on failure modes and consequences.

A documented strategy outlining how an organization will manage its physical assets over their lifecycle to deliver required levels of service.

A contract defining the expected level of service between a provider and client, including response times, availability, and performance metrics.

The full term for CMMS - software that centralizes maintenance information, automates work orders, and manages asset data.

Non-financial assets with physical substance held for use - recorded at historical cost and amortized over their useful lives under PSAB PS 3150.

The systematic allocation of a capital asset’s cost, less residual value, over its useful life - reducing net book value each year.

The estimated period an asset provides service - it drives amortization for accounting and replacement timing for capital planning.