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level: Asset Management Overview

Questions and Answers List

level questions: Asset Management Overview

Question	Answer
Period from asset creation to the asset's end of life.	Asset Life
Set of coordinated activities that an organization uses to realize value from assets in the delivery of its aim.	Asset Management
Documented information that specifies how organizational objectives are to be converted into asset management objectives, the approach for developing asset management plans and the role of the asset management system to support achievement of the asset management objectives.	Asset management strategy
A strategy document for maintaining the asset based on its criticality and an optimum lifecycle costs.	Asset management plan
Stages involved in the management of an asset.	Lifecycle
An aim or goal towards which an effort is directed; The set results to be achieved that will deploy vision into reality. An objective can be strategic, tactical or operational.	Objective
Documented information that specifies how organizational objectives will be converted into asset management objectives, the approach for developing asset management plans and the role of the asset management system in support of achieving asset management objectives.	Strategic asset management plan (SAMP)
Financial justification for undertaking an activity or report.	Business Case
What does "CR" stand for?	Corporate Responsibility
Intentions and direction of an organization pertaining to asset management as formally expressed by its top management.	Asset Management Policy
What is the minimum a Strategic asset management plan should contain?	Starting point, intended outcome, scope of the SAMP and rules of the game
The effect of uncertainty on asset management objectives.	Asset Management Risk
The effect of uncertainty on asset-related objectives.	Asset Risk
An integrated approach to managing risk across an organization.	Enterprise Risk Management
A future event that has some uncertainty of occurrence and could have negative or positive consequences if it were to occur; Probability of an event times its effects.	Risk
The amount of risk an organization is willing to accept in order to achieve its objectives.	Risk Tolerance
A software system that keeps records and tracks all maintenance activities.	Computerized maintenance management system (CMMS)
A process in which the equipment operator improves reliability by identifying potential equipment problems and failures early.	Operator Driven Reliability
An advanced maintenance technique focused on using technology to determine the condition of assets and then taking appropriate actions to avoid failures.	Predictive Maintenance
A maintenance stratagey based on equipment inspection and servicing that are pre-planned at a specific point in time.	Preventive Maintenance
A systematic, disciplined process for establishing the appropriate maintenance plan for an asset/system to minimize the probability of failures.	Reliability-Centered Maintenance
A maintenance strategy that emphasizes operations and maintenance cooperation.	Total Productive Maintenance
A purpose of intention; A desired outcome for an organization based on its objectives.	AIM
A system that identifies four perspectives for viewing a process or organization: Financial Internal Process, Learning and Growth, and Customer.	Balanced Scorecard
Provides current status and trend information regarding effectiveness of work processes.	KPI
Measures performance after the business or process results begin to follow a particular pattern or trend.	Lagging Indicator
Measures performance before the process results begin to follow a particular pattern or trend.	Leading Indicator
A systematic, independent and documented process for obtaining evidence and evaluating it objectively to determine the extent of which the audit criteria are fulfilled.	Audit
Fulfillment of a requirement that could be a technical specification, compliance with a process, or meeting other needs.	Conformity