Asset Management Glossary
Essential terminology for asset management, CMMS, and maintenance professionals. Clear definitions to help you understand and communicate about facility management.
All Terms
Facility Condition Index (FCI)
Strategic PlanningA metric that measures the ratio of deferred maintenance costs to current replacement value, expressed as a percentage.
Asset Lifecycle Management
Asset ManagementThe process of managing an asset from acquisition through operation, maintenance, and eventual disposal or replacement.
Preventive Maintenance
MaintenanceScheduled maintenance activities performed to prevent equipment failures before they occur.
CMMS (Computerized Maintenance Management System)
CMMSA software platform that centralizes maintenance information, automates work orders, and schedules preventive maintenance.
Work Order
CMMSA document that authorizes and tracks maintenance tasks, including labor, parts, and completion details.
Capital Planning
Strategic PlanningThe process of budgeting for long-term asset investments, replacements, and major repairs over multiple years.
Coming Soon
We are expanding our glossary with new terms. Here is what is coming next:
Put These Terms Into Practice
Understanding the terminology is just the start. See how AssetLab helps you implement FCI tracking, preventive maintenance, and capital planning.
No credit card required