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  • SIMPLE - Glossary - F
    potential Failure Mode describes the way in which a process product or service could fail to perform its desired function performance target as described by the needs and expectations of the external and or internal Customers Source A4 Failure Prediction A procedure by which the potential for failure of an asset facility or item is analyzed the potential failure asset distress modes are identified and the likelihood and possible timing of failure are assessed Source S2 FMEA Failure Mode and Effects Analysis Essentially similar to FMECA below with the exception that in the instance of FMECA the results of the study are ranked in order of seriousness criticality FMEA is widely utilized in the design and development stages in the automotive industry Source A4 The study of potential failures that might occur in any part of a system to determine the probable effect of each failure on all other parts of the system on other systems and on probable operational success Source S2 AS 1057 1985 FMEA Element FMEA elements are identified or analyzed in the FMEA process Common examples are Functions Failure Modes Causes Effects Controls and Actions FMEA elements appear as column headings in the output form Source A4 FMECA FMECA Failure Mode Effects and Criticality Analysis is more widely used in asset management then FMEA It is qualitative technique for analyzing and evaluating a design of a service to ensure that the output process has the desired reliability characteristics by obviating those critical failure modes through employment of redundancy providing alternate modes of operation or any other means available While it was developed for the design phase of a project or program it can also be a useful tool for managing risk in existing assets It identifies assets critical to service delivery including threat and vulnerability by assessing the risk of failure prioritizing the consequence of failure quantifying the risk cost evaluating the acceptable risk level risk appetite and undertaking risk mitigation measures Source A4 The quantitative study of the potential failures that might occur in any part of a system to determine the probable effects of each failure on all other parts of the system on other systems and on probable operational success the results of which are ranked in order of seriousness Source S2 AS NZS ISO 9000 2000 Fault Tree Analysis FTA The study of the possible sequence of events constituting the failure of a system using the diagrammatic method of algorithms Source S2 AS NZS ISO 9000 2000 A technique by which many events that interact to produce other events can be related using simple logical relationships permitting a methodical building of a structure that represents the system Note Incidence Sequence Analysis and Failure Tree Analysis are terms often substituted for FTA and have the same meaning Source A4 Fast Track Overlapping of actions normally carried out sequentially to ensure a speedier result In general it refers to accelerating the construction or acquisition timeframe Source A4 Feasibility Study A systematic investigation involving problem

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  • SIMPLE - Glossary - G
    z sources acronyms GIS A Geographic Information System is a computer package that displays a map connected to a database The package can typically combine features such as roads and sewers from different maps and overlay them on the same screen To qualify as a GIS such systems should also be able to reference a computer database for textual information such as notes and dimensions regarding features displayed on the

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  • SIMPLE - Glossary - H
    or extreme damage to property Source S1 Hazard Assessment An analysis and evaluation of the physical chemical and biological properties of the hazard Source A4 Hazard Identification The process of determining whether exposure to an agent can cause an increase in the incidence of a health condition Source A4 Hazardous Materials Any material that alone or in combination with others is or could become corrosive cytotoxic explosive flammable infectious irritant noxious or radioactive and for which special precautions are required Source A4 Hazardous Waste Any waste or combination of wastes that pose a substantial present or potential hazard to human health or living organisms because such wastes are non degradable or persistent in nature or because they can be biologically magnified or because they can be lethal or because they may otherwise cause or tend to cause detrimental cumulative effects also a waste or combination of wastes of a solid liquid contained gaseous or semisolid form which may cause or contribute to an increase in mortality or an increase in serious irreversible or incapacitating reversible illness taking into account the toxicity of such waste its persistence and degradability in nature its potential for accumulation or concentration in tissue and other

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  • SIMPLE - Glossary - J
    to Subscribe How Can Asset Management Help Me Project Background How to use SIMPLE What is SIMPLE Getting Started Pathways to Asset Management Effective Implementation Asset Management for Small Utilities Interactive Training Practitioner Contents GASB 34 The 10 Steps to Asset Management Asset Management Guidelines Develop an Improvement Plan Reports Case Studies SAM Practitioner Tools Glossary J a b c d e f g h j k l m n

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  • SIMPLE - Glossary - K
    Small Utilities Interactive Training Practitioner Contents GASB 34 The 10 Steps to Asset Management Asset Management Guidelines Develop an Improvement Plan Reports Case Studies SAM Practitioner Tools Glossary K a b c d e f g h j k l m n o p q r s t u v w x y z sources acronyms Key Performance Indicator KPI A quantitative or qualitative indicator of the quality of service

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  • SIMPLE - Glossary - L
    A4 Lead Time The time required before action can commence e g for approvals purchase of material or preparation of documents Source N1 Lease A legal grant for the occupation or use of physical assets for a fixed time period with specific obligations responsibilities terms and conditions attached to these rights and for which the lessee the occupier pays to the lessor the owner a predetermined rental for the benefits of possession The lease specifies the right and obligations of both parties to the contract Source P1 An agreement conveying the right from a lessor to a lessee to use an asset for a stated period of time in return for a series of payments by the lessee to the lessor Source S2 An agreement that conveys the right to acquire an asset that delivers or is expected to deliver services and that yields or is expected to yield revenue for the organization leasing the asset Source D1 Lease Management The process of managing the financial and legal obligations of the lease arrangement once it is formalized Source P1 Level of Service The level of asset service determined by both the quality and the quantity of services provided by an asset under consideration Source G1 Liabilities Activities that relate to the acquisition and disposal of property plant equipment and other capital items of an agency Source S2 Life Measure of Life A measure of the anticipated life of an asset such as time in years motion in number of cycles distance in miles interval in terms of designated events etc Source G1 Life Cycle From an asset management perspective life cycle has two meanings The cycle of activities that an item or aggregation of items goes through while still retaining its own physical identity as that asset These activities include

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  • SIMPLE - Glossary - M
    requires that the level of detail in the asset register should allow for the recording of data down to the Maintenance Managed Item MMI level Source G1 Maintenance Managed Item or MMI refers to the lowest level of an asset s physical structure that is to be recognized within an asset register where the registry is structured as a nested hierarchy of physical assets Typically an MMI is set at that level of the hierarchy at which an asset is individually maintained or at which management decisions to repair renew or replace are made Maintenance Management The organization of maintenance activities within an agreed policy Maintenance Manual Collated information and advice on the maintenance requirements of an item or group of items in written and graphic form Source G1 Maintenance Planning The process that provides a strategic link between an agency s maintenance program and its corporate directions and core business Source P1 Maintenance Policy A formalized framework accepted by senior management within which decisions on maintenance are taken Source G3 Maintenance Priorities A set of nominated maintenance activities ranked in order of priority based on given criteria e g maintenance management policy emergency work execution etc Source G3 Maintenance Program A specific plan of identified maintenance activities to be undertaken and recorded for an asset or aggregation of assets Source N1 Maintenance Reliability Characteristics From a maintenance planning perspective the following reliability characteristics are important mean life the mean value of the length of the times to failure of all items in a population under stated conditions mean time to failure MTTF in a stated period in the life of a population of items the ratio of the cumulative time to the total number of failures in the population during the period under stated conditions mean time to repair MTTR in a stated period in the life of a population of items the ratio of the cumulative time to the total number of repairs in the population during the period under stated conditions mean time between failures MTBF for a stated period in the life of an item or a population of items the mean value of the length of time between each item s consecutive failures calculated as the ratio of the cumulative time to the total number of failures under stated conditions mean time to first failure MTTFF the mean value of the times to the first failures of items in a population of items Source S2 AS NZS ISO 8402 1994 Maintenance Schedule A formal plan that details the management process that will be implemented for a specific asset or group of assets from within the agency s asset portfolio Source S2 Maintenance Service Criteria Specified maintenance standards and levels of service for each asset or appropriate aggregation of assets Source G1 Maintenance Standards The standards set for the maintenance service such as preventive maintenance schedules operation and maintenance manuals codes of practice estimating criteria statutory regulations and mandatory requirements in accordance with maintenance quality objectives

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  • SIMPLE - Glossary - N
    a desired outcome sometimes after the receipt of bids Source S2 Negotiation of a Bid The negotiation of a contract with one or more biders following the close of bids Often where there is no conforming bid or no acceptable price bid The conditions for and conduct of bid negotiations form part of the Code of Biding AS NZS 4120 Source S2 Net Present Cost The discounted present cost of the flow of all expenses including capital outlay over the evaluation period for the asset building or component under consideration Source N1 Net Present Value NPV The sum of the present values of all benefits including residual value if any minus the sum of all the present values of all costs A positive NPV is a criterion for proceeding with a project or program although risk and other factors from other decision support tools need to be considered Normally used where benefits are likely to exceed costs Source A4 NPV per of Initial Capital Outlay NPVI This factor is arrived at by dividing the NPV by the present value of the initial capital outlay It is the decision criterion to use when choosing between projects or programs where capital funds

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