Glossary

Asset – This is an object, or entity that has potential or actual value to a company and is realised by a balancing of costs, risk, opportunities and performance. Value can be material or intangible, financial or non-financial, and includes consideration of risks and obligations. It might be favourable or negative at various periods of the asset life. Physical assets mainly relate to equipment, inventories and buildings owned by the organisation. Physical assets are the antithesis of intangible assets, which are non-physical assets such as contracts, brands, digital assets, usage rights, licences, intellectual property, reputation or agreements (AS ISO55000:2014).

Asset Hierarchy (AH) – For the purpose of successful asset management, AH is the structure inside an asset register that provides the dependency or interaction between functional locations and equipment.

Asset Integrity – Equipment, health, safety, and the environment are all protected through the use of Asset Integrity as a standard of operation. Every stage of the equipment life cycle is covered by this rule of thumb.

Asset Life – This is the length of time that exists between the establishment of an asset and its eventual decommissioning (AS ISO55000:2014).

Asset Management – Asset Management is a coordinated action carried out by an organisation in order to extract value from its assets. Furthermore, the application of aspects of the asset management system, including the strategy, the planning, the plans and their implementation, can be referred to as “activity” (AS ISO55000:2014).

Asset Management Plan (AMP) – is the documented information that outlines the actions, resources, and timelines that are necessary for an individual asset, or for a grouping of assets, in order to meet the organisation’s asset management objectives for that asset or grouping of assets. Assets can be organised into groups based on their kind, asset class, asset system, or asset portfolio, among other criteria. An asset management plan is generated from the strategic asset management plan and may be included in, or be a subsidiary plan of, the strategic asset management plan. An asset management plan is developed from the strategic asset management plan (AS ISO55000:2014).

Asset Management Strategy – In the context of an organisation, an Asset Management Strategy is a strategic plan for the management of an organisation’s assets that will be utilised to fulfil the organisation’s or corporation’s objectives. Physical asset management should be approached with a long-term perspective. Contains a series of strategic statements that explain the present and future service levels that the organisation intends to provide, and the existing and future asset management skills that the organisation will require in order to provide these results in a sustainable manner.

Asset Management System – is considered to be a subset of asset management.  When it comes to asset management, an asset management system serves the purpose of developing an Asset Management Policy and establishing asset management objectives (AS ISO55000:2014).

Asset Type – is a classification of assets that share features that allow them to be classified as a group or as a class of assets. The following are some examples: tangible and intangible property, information assets, intangible property, critical property, enabling property, linear property, information and communications technology property, infrastructural property, movable property (AS ISO55000:2014).

Business Value – A concept that is unique to the organisation. Through the effective application of AM frameworks and good governance, an organisation will be in better position to meet objectives and obtain greater business value from their assets.

Communication Management Plan – A component of the project or project portfolio management plan that describes roles and responsibilities of when information will be planned.

Governance Alignment Domain  – A governance domain of processes to develop and establish an integrated governance framework.

Governance Function – The group of processes and functional activities existent to support governance projects.

Life Cycle – The phases involved in the management of an asset are referred to as the asset’s life cycle. The title and number of stages, as well as the activities that take place inside each stage, are generally variable across different industries and are set by the organisation (AS ISO55000:2014).

Organisational Objective – These are broad objectives that serve to provide the framework and direction for the actions of an organisation. Organisational objectives are developed via the actions of strategic level planning that take place inside the organisation. (https://jcu.pressbooks.pub/strategicprojectmanagement/)

Policy – This is the intentions and direction of an organisation as formally expressed by senior management (AS ISO55000:2014).

Project Governance – The frameworks, systems and functions guiding project management activities in order to achieve organisations’ strategy and value performance.

Public Governance – Governance refers to the formal and informal arrangements that determine how public decisions are made and how public actions are carried out, from the perspective of maintaining a country’s constitutional values in the face of changing problems, actors and environments (OECD, 2005).

Risk – An event that is unexpected and can have a positive or negative effect on one or more objectives of a project. When describing risk, it is common to refer to potential “events” and “consequences”, or a mixture of these terms (PMI, AS ISO55000:2014).

Stakeholder – A person or organisation that can affect, be affected by, or perceive themselves to be affected by a decision or activity ( https://jcu.pressbooks.pub/strategicprojectmanagement/ ).

System – A collection of various programs that are effective as a whole and not achievable by programs alone.