Basic Terms
Refers to such items as: equipment, inventory and properties owned by the organization
Tangible Asset
A single identifiable unit of information within a larger dataset, with a specific meaning and a defined set of permissible values. Commonly categorized as Critical, Important, and Valued
Data element
The ability of a component or asset to perform a required function, under stated conditions, for a stated period.
Reliability
Asset Information
Kevin Morgenstern
Chance of something happening
Likelihood
An authoritative data source for a given data element or information. Holds the master version of each data element of the Information Architecture to ensure data integrity. There must be one - and only one – of these for a given piece of information
System of record
An emergency removal from service of an asset directly caused by asset failure or an alternate factor where the outage is necessary to prevent damage to the asset, property, environment, or human life.
Forced Outage
Asset Investment Planning System
Derek Ohta
With this type of factor, the larger MW size unit in the group has more impact on the final statistics than a smaller generating unit.
Weighting Factor
Models used to forecast asset costs and risks over the asset life-cycle; including procurement, operation, maintenance, and risk costs. One of the key asset management functions of these models is to assist in minimizing asset total cost of ownership by calculating the optimal replacement/refurbishment period.
Whole Life Cost Models (WLCM)
Getting the Right information to the right person, in the right format and medium, at the right time.
Asset Information Management
Dam Safety Condition Indexing (DSCI)
Val Yereniuk
Expense data associated with planning, design, procurement, construction, licensing, maintaining, salvaging, and disposal of the assets.
Cost Data
Defines the scope of asset information within the organization. Specifically, it defines what information is required, how and where asset information is stored, the business rules for its lifecycle of information (i.e., collection, storage, use, and disposal), roles, responsibilities, and access rights
Asset Information Management System
The inability of a component, asset, or system to perform its intended function.
Failure
Risk Analysis
Jennifer Alexander
A measure of an asset's current condition relative to its expected life, risk of failure, and performance requirements.
Health Index
Systematic way of quantifying the value of an investment using risks mitigated and benefits realized, versus the cost of realizing those changes
Corporate Value Framework (CVF)
A preventative maintenance subtask where you check or monitor an asset or system’s physical condition. It may be failure finding oriented, intended to discover defects or failures.
Inspection
Corporate Asset Management Plan (AMP)
Daniel Yurkiw