Glossary of Asset Management Terminology: by Robert Davis

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Glossary of
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Asset Management Terminology

By Robert Davis
INGLÉS PARA PROFESIONALES DE MANTENIMIENTO Y CONFIABILIDAD ING. MARÍA ROSARIO CELIS CASTRO MODALIDAD VIRTUAL WWW.GICAINGENIEROS.COM
GLOSSARY OF ASSET MANAGEMENT TERMINOLOGY
Acquire
Buy an asset based on proper understanding of its life cycle
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Ageing
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Getting old, specifically beyond the design life of the asset

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Asset Register
A central database of information about your assets
Asset Repository
Same as Asset Register
Asset Information Systems

Can be paper based, but normally a software system for ensuring the right
asset information gets to the right people
Asset Management Plan
A coordinated approach within an organisation to define and deliver a set of
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actions towards achieving the objectives set out in the Asset Management Strategy
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Asset Management Strategy

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This defines the objectives of the Asset Management Plan in the context of
the Organisational Plan, the Asset Management Policy and the approach that
will be adopted within the Asset Management Plan to achieve these objectives
Asset Management Policy
A set of guiding principles which steer the Asset Management activity at a
high level. It describes the general approach to Asset Management, illustrating
what is important to an organisation
Bath Tub Curve
Assets fail early in ‘life’ or later in ‘life’, and not so often in the middle
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Balanced Score Card

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A standardised approach to assessing the value to an organisation of

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different activities, e.g. maintenance

Benchmarking
Comparing performance, often between companies in similar sectors
BSI PAS55
This is a publicly available specification seeking to define a standard
approach to the Asset Management discipline. Available from British
Standards Institute or the IAM
Capital Expenditure
Monies spent on equipment or plant which normally feature on a balance
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sheet as capital
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Condition Monitoring
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Assessing an asset to understand how it is likely to perform in the future

Consequence
This is the outcome or impact of an Asset Management decision
Defect
A fault in specification or performance of an asset
Depreciation
A reduction in value of an asset based on its age or condition
Dispose
Remove asset from service and ensure it is appropriately recycled, buried, etc
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Fault Tree Analysis

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A graphical means of finding all of the potential causes of a fault

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Failure
The point at which an asset stops performing the function for which it was designed
Failure Mode
A way in which an asset stops functioning
FMEA (Failure Mode Effects Analysis)

A means of assessing how assets can fail and the impact failure can have on
the operation of the plant
Health Index
A single number which describes the overall condition of an asset
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Infant Mortality
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The occurrence of failure early in an asset’s life

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Intervention
Maintenance, refurbishment, repair or disposal of an asset
Key Performance Indicators
Those performance criteria against which the success of an activity is measured
Life Cycle
The stages of an asset’s involvement with a company, from acquisition
through commissioning and operation to disposal
Maintenance
An intervention on an asset to improve its operation or ensure its continued
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good operation
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Operational Expenditure
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Monies spent on activity which cannot be capitalised normally associated with

the servicing, condition monitoring and maintenance of an asset or service
Physical Asset
A tangible, man made object that has a specific function, normally within a
broader system
Plan Do Check Act
A systematic process which seeks to ensure quality as well as continued
improvement
Preventative Maintenance
An intervention on an asset taken in advance of a failure to reduce the
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chances of failure
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RCM
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Reliability Centred Maintenance is an approach which targets intervention

on assets based on the known historic performance of that or similar assets
Repair
An intervention on an asset taken after it has failed
Repair, renovate, refurbish
An intervention which improves the performance and condition of an asset
to upgrade or retain desired performance
Replace
See Dispose above
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Risk
The potential for an adverse circumstance to arise

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Risk Factors
The categories or types of risk that may occur, e.g. relating to performance,
health and safety, environmental, etc
Root Cause Analysis
A thorough assessment of all of the factors influencing the occurrence of a
fault or failure
Shutdown / Outage
A period, either planned or otherwise, during which asset interventions occur
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Time Based Maintenance

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Intervention on an asset based on a prescribed time period during which the

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work is to take place
Whole Life Costing

An understanding of the full economic impact of owning an asset, covering
all stages of its life cycle

Glossary of Asset Management Terminology: by Robert Davis

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Glossary of Asset Management Terminology: by Robert Davis

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Formats disponibles

DE MANTENIMIENTO

Diplomado Modalidad Virtual

Asset Management Terminology

Getting old, specifically beyond the design life of the asset

Asset Information Systems

Asset Management Strategy

Balanced Score Card

A standardised approach to assessing the value to an organisation of

different activities, e.g. maintenance

Assessing an asset to understand how it is likely to perform in the future

Fault Tree Analysis

A graphical means of finding all of the potential causes of a fault

FMEA (Failure Mode Effects Analysis)

The occurrence of failure early in an asset’s life

Monies spent on activity which cannot be capitalised normally associated with

Reliability Centred Maintenance is an approach which targets intervention

The potential for an adverse circumstance to arise

Time Based Maintenance

Intervention on an asset based on a prescribed time period during which the

work is to take place

Whole Life Costing

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