Glossary
| Title | |
|---|---|
| Authorisation |
The process of approving, funding and communicating the permission for initiating work. (Source: The Standard for Portfolio Management 2006. Project Management Institute, Inc.). |
| Asset Register |
A record of asset information including inventory, historical, financial, condition, technical and financial information. (Source: International Infrastructure Management Manual – Ver.3.0 2006/CIDB Standard for the Delivery and Maintenance of Infrastructure using a Gateway System). |
| Asset Managers and Property Managers |
Asset managers and property managers are those responsible for managing the maintenance, repair and renewal work. It is their collective responsibility to maximize the effect of expenditures as well as to maximize the value of their assets over the asset’s service life. (Source – Vanier D.J., (September 2001), “Asset Management: “A” to “Z””, APWA International Public Works Congress, Philadelphia). |
| Asset Manager |
The asset manager is responsible for major maintenance, repair and renewal decisions, as well as the long-term strategic plans for a corporate asset portfolio. (Source: Vanier D.J., (September 2001), “Asset Management: “A” to “Z””, APWA International Public Works Congress, Philadelphia). |
| Asset Management Strategy |
A strategy for asset management covering the development and implementation of plans and programmes for asset creation, operation, maintenance, rehabilitation, replacement, disposal and performance monitoring to ensure that the desired levels of service and other operations objectives are achieved at optimum cost. (Source: International Infrastructure Management Manual – Ver.3.0 2006). |
| Asset Management Plan |
A plan developed for the management of one of more infrastructure asset that combines multi-disciplinary management techniques (including technical and financial) over the life cycle of the asset in the most cost effective manner to provide a specified level of service. A significant component of the plan is a long term cash flow projection for the activities.(Source: International Infrastructure Management Manual – Ver.3.0 2006). |
| Asset Management Information System |
A combination of processes, data and software applied to provide the essential outputs for effective asset management such as reduced risk and optimum infrastructure investment. (Source: International Infrastructure Management Manual – Ver.3.0 2006). |
| Asset Management |
The combination of management, financial, economic, engineering and other practices applied to physical assets with the objective of providing the required level of service in the most cost effective manner. (Source: International Infrastructure Management Manual – Ver.3.0 2006). |
| Asset (Immovable) |
Any immovable asset acquired or owned by Government, excluding any right contemplated in the Mineral and Petroleum Resources Development Act 2002 (Act No. 28 of 2002). (Source: GIAMA (Act No. 19, 2007) |
| Asset |
A resource controlled by a municipality as a result of past events and from which future economic benefits or service potential is expected to flow to the Municipality. GAMAP/GRAP requires a minimum level of detail that separates items that have a difference in Expected Useful Life and are financially material. As a general guide, the scope of asset can be determined by considering the extent that would be associated with any periodic renewal. (Source: DPLG Guidelines for Infrastructure Asset Management in Local Government – 2006-2009). |
| Asset |
A resource controlled by a municipality as a result of past events and from which future economic benefits or service potential is expected to flow to the Municipality. GAMAP/GRAP requires a minimum level of detail that separates items that have a difference in Expected Useful Life and are financially material. As a general guide, the scope of asset can be determined by considering the extent that would be associated with any periodic renewal. (Source: DPLG Guidelines for Infrastructure Asset Management in Local Government – 2006-2009). |
| ASCI |
“Responsible, Accountable, Support, Consult with, Inform” responsibilities matrix |