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  • SIMPLE - Glossary - O
    functionality level of service maintainability or usefulness of an asset resulting from economic environmental physical or technological changes Source D1 Occupancy The manner in which a building is occupied by its users or residents Source S3 Occurrence Occurrence is an assessment of the likelihood that a particular cause will happen and result in the Failure Mode during the intended life and use of the product This term is particularly applicable to the FMECA process Source A4 Open Competitive Bid An invitation to bid for the construction of a project or part of a project issued to all interested parties through a public advertisement It is also called a public bid Source G3 Principals invite by public advertisement without restriction on the number of bids sought Principals would normally require biders to prove that they have the necessary competence resources industrial relations quality and safety management and financial capacity to carry out the work Source D1 Operating Cost That part of support costs associated with the day to day operation of a facility or part thereof such as those arising from energy and other utility needs cleaning security and management but not including maintenance and rehabilitation costs The costs also include labor materials and overhead costs Source S3 Operating Lease A lease under which the lessor effectively retains substantially all the risks and benefits incidental to ownership of the leased asset Source D1 Operation Active process utilizing an asset It will consume resources including manpower energy chemicals and materials Costs are part of life cycle costs of an asset Source G1 Opportunity Cost The costs to an individual or enterprise of the alternatives foregone as the result of a decision to carry out a specific action It is also considered to be the cost of resources in their next best alternative

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  • SIMPLE - Glossary - P
    other factors from other decision support tools need to be considered Note Normally used where benefits are likely to exceed costs Source A4 Preservation Maintaining an asset adequately Source G3 The policy of saving or preserving historic buildings or monuments by various means including maintenance or reconstruction Source S2 Maintaining the fabric of a place building site etc in its existing state and retarding deterioration Source A3 Preventative Maintenance The actions performed to retain an item in its original condition as far as practicable by providing systematic inspection detection and prevention of incipient failure Preventive maintenance is normally programmed for example as pre determined preventive maintenance Source G3 Price Year The year in which money values are expressed to ensure analysis is undertaken in units which represent the same purchasing power in real terms Source A4 Principal The person for whom the work is done under the terms of the contract The term Principal is synonomous with client or owner The Principal operates in conjunction with the Superintendent and Superintendent s Representative The Superintendent and the Superintendent s Representative derive their authority by delegation from the Principal Refer to Superintendent and Superintendent s Representative Source G3 Principal s Representative The person who determines the outcome of disputes in Minor Services or Construction contracts Refer to Superintendent Source A4 Probability From a purely risk standpoint probability is the likelihood of something happening From a statistical standpoint it is the relative frequency of the occurrence of an event measured by the number of cases or alternatives favorable to the event to the total number of cases or alternatives From a clinical viewpoint a probability assignment is a numerical encoding of the relative state of knowledge Source A4 Probability Weighting The calculation of a probability weighted outcome is the outcomes multiplied by their probability and then summed It is usual to assume a low medium and high set of probability similar to sensitivity testing Source A4 Probable Error The magnitude of error that is estimated to have been made in determination of results Source A4 Procedures A specified way to carry out an activity It should be noted that procedures can be documented or not and when a procedure is documented the term written procedure is frequently used Source S2 AS NZS ISO 9000 2000 Procurement The act of bringing a facility or part thereof into existence including inception pre design design construction and financing It is the collection of activities by a principal to obtain assets beginning with the detailing of requirements and concluding with the acceptance of the assets Source P1 Procurement Strategy The means contractual or non contractual by which the objectives of a project or program are to be achieved It is a combination of a delivery system and one or more contract systems Source N1 Product The result of activities and or processes It should be noted that a product may include service hardware processed materials software or a combination thereof can be tangible e g assemblies or

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  • SIMPLE - Glossary - Q
    for purpose Source A4 The degree to which a set of inherent characteristics fulfils requirements It should be noted that the term quality can be used with adjectives such as poor good or excellent inherent as opposed to assigned means existing in something especially as a permanent characteristic Source S2 AS NZS ISO 9000 2000 Quality Accreditation One form of quality assurance where the setting of service standards the process of review against these standards and the results of the review are formalized through an accreditation body Source S2 Quality Assurance QA All necessary planned and systematic actions to provide confidence that a product or service will satisfy specified quality requirements which reflect the needs of the user Effective quality assurance requires a continuing evaluation of factors affecting the adequacy of the design or specification for a proposed application and the verification and auditing of production installation and inspection operations including the provision of evidence Within an organization quality assurance serves as a management tool Source G3 All those planned and systematic actions necessary to provide adequate confidence that a service or product will satisfy given requirements for quality Source N1 The result generated by activities at the interface between the supplier and the customer and by supplier internal activities to meet customer needs Source S2 AS NZS ISO 9000 2000 Quality Audit A systematic and independent examination to determine whether quality activities and related results comply with planned arrangements whether such arrangements are implemented effectively and are suitable to achieve objectives and whether there is a need for improvement or corrective action A quality audit can be applied to a quality system or elements of a system quality system audit to processes process quality audit or to services service quality audit Source G3 Quality Based Selection A supplier selection

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  • SIMPLE - Glossary - R
    Risk Management defines risk as the chance of something happening that will have an impact on objectives Source S2 Risk 2 The application of stochastic processes such as Monte Carlo simulation to the range of possible values of key factors in order to determine the resultant ranges of outcomes and their probability of occurrence rather than a unique value The purpose of risk analysis is to identify the causes effects and magnitudes of risk and to provide a basis for risk assessment and treatment Source P1 Risk 3 The potential for realization of unwanted adverse consequences to human life health property or the environment estimation of risk is usually based on the expected value of the conditional probability of the event occurring times the consequence of the event given that it has occurred Source S2 Risk 4 The possibility that an outcome is not achieved or is replaced by another outcome or an unforeseen event occurs This includes both uncertainty due to future events and the consequences of limited knowledge information or experience The significance of risks is the impact they may have on the achievement of proposal objectives delivery goals or management effectiveness Source D1 Risk Acceptance An informed decision to accept the likelihood and the consequences of a particular risk See also Risk Appetite below Refer AS NZS 4360 1999 Source S2 Refer the Risk Manager Risk Analysis The process of identifying risks estimating their likelihood and evaluating potential consequences Source N1 A systematic use of available information to determine how often specified events may occur and the magnitude of their likely consequences Refer AS NZS 4360 1999 Source S2 Refer the Risk Manager A systematic use of available information to determine how often specified events may occur and their likely consequences The purpose of risk analysis is to identify the causes effects and magnitudes of risk and to provide a basis for risk assessment and mitigation Source A4 Refer the Risk Manager Risk Appetite The assessed level of risk that is within a person s delegation prior to the need to refer upwards on the organization s hierarchy for direction and or acceptance Source S2 Refer the Risk Manager Risk Assessment The process of establishing information regarding acceptable levels of a risk and or levels of risk for an individual group society or the environment Refer the Risk Manager Source A4 Risk Avoidance An informed decision not to become involved in a risk situation Risk Budget Actual costs incurred but rarely provided for on the activities associated with the management of risk throughout the lifecycle of a project or an entire program Planners for projects should expect to spend 1 3 of their project budget on risk analysis and management up to the budget approval process From procurement through to disposal the procurement authority should expect to spend an additional 2 3 on ongoing risk analysis and mitigation Source A4 Risk Consequences The impacts on desired outcomes from the risk event occurring Source A4 Refer the Risk

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  • SIMPLE - Glossary - S
    of tangible product Source S2 AS NZS ISO 9000 2000 Service Agreement A formal arrangement entered into by a purchaser and a provider for the purchase of outputs Synonymous purchase agreement contract Source A4 Service Contract Refer to Service Agreement above Service Potential At any point in the life of an asset its ability to provide a service over and above a minimum acceptable standard Source D1 Service Strategy A plan of action for the supply of services by an organization to its clients that is consistent with that organization s corporate goals Source D1 Severity In the FMECA process severity is an assessment of how serious the effect of the potential Failure Mode is on the customer Significant Characteristics for example are Special Characteristics defined by Ford Motor Company as characteristics that significantly affect customer satisfaction and require quality planning to ensure acceptable levels of capability Source A4 Shadow Price Market prices adjusted to compensate for market imperfections subsidies price controls customs duties unemployed resources etc in order to produce a closer estimate of the true resource cost to the economy Source A4 Site Any land on which development is being carried out or is proposed to be carried out regardless of whether such land forms all or part of a single allotment or a number of continuous allotments Source G3 Lands and other places to be made available and any other land and places made available to the contractor by the Principal for the purpose of the contract Source S2 Site Investigation Survey The study of those characteristics of a site and its surroundings that might affect the planning design construction operation and performance of any building or engineering works on that site Site investigation involves the examination of the site subsoil by drilling with core recovery for visual and laboratory analysis assisted by information from geological survey data and soil survey maps and the consideration of aspects such as access drainage liability to flooding and the availability of public utility services and construction material Source G1 Spatial Information Information that includes a reference to a two or three dimensional position in space as one of its attributes Source A4 Specification A written document with technical directions and conditions describing one or more of the administrative and procedural requirements the quality of materials and or standards of workmanship necessary for the undertaking and satisfactory completion of a project or works Source G3 SSO Sanitary Sewer Overflow Stakeholders People organizations and departments whose interests may be affected by the delivery of outputs Source A4 Straight Line Basis This is a basis of calculating depreciation It assumes that an asset deteriorates along a straight line from the time of its acquisition through to the end of its useful life and is calculated by dividing the historic original cost by the estimated useful life Source A4 Strategic Asset Management SAM SAM is defined as the planned alignment of physical asset input performance with an organization s service delivery output needs to

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  • SIMPLE - Glossary - T
    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 Terotechnology A combination of management financial engineering and other practices applied to physical assets in pursuit of economic life cycle costs Terotechnology is concerned with the design and specification for reliability and maintainability of plant machinery equipment buildings and engineering structures with their installation commissioning maintenance modification and replacement and with feedback of information on design factors performance and costs Source G1 Tort The breach of a duty imposed by law but not a breach of contract whereby a person acquires a right of action for damages such as negligence nuisance trespass or defamation Source G1 Total Asset Management In a system wide context the sum of all those activities leading to infrastructure appropriate to the cost effective delivery of government services and having the following major strands identification of need for the asset provision of the asset including refurbishment operation of the asset including its maintenance disposal and thus effective removal of the asset from an agency s portfolio Source N1 Total Asset Management Plans Contains a number of key elements total life cycle

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  • SIMPLE - Glossary - U
    The 10 Steps to Asset Management Asset Management Guidelines Develop an Improvement Plan Reports Case Studies SAM Practitioner Tools Glossary U 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 Uncertainty The possibility of an outcome other than the expected one where the probabilities are not known Source A4 Uncertainty Analysis A detailed examination of the systematic and random errors of a measurement or estimate an analytical process to provide information regarding the uncertainty Source S1 Unplanned Maintenance Corrective work required to immediately or within a short period of time restore an asset to working condition so it can continue to deliver the required service or to maintain its level of security and integrity This in general involves relatively minor repairs If major they may fall into another category Source G1 Useful Life From an asset management perspective useful life can mean either The estimated period of time over which a depreciable asset is expected to be able to be used or the benefits represented by the asset are expected to be able to be derived from Source S2 The estimated service

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  • SIMPLE - Glossary - V
    market value for any type of real estate including land building other improvements goodwill and licenses usually set out in a written report Valuations are carried out for purposes of purchase mortgaging leasing compensation taxation rating etc Source T1 Value Analysis A systematic analysis to identify the essential functions of systems equipment facilities and procedures that are consistent with purpose performance reliability and manageability This analysis will facilitate the achievement of those functions in a way that represents the optimum value Source D1 Value Chain The value that each life cycle asset management activity or tertiary quality element brings to the service delivery of the organisation Source G1 Value Engineering The application of value analysis to building or civil works projects usually by a multidisciplinary team to achieve the required function of elements of a facility and the entire facility at the lowest overall cost for a specified level of quality Source G3 As above with the aim for optimum value rather than lowest cost Source S2 Value Management The comprehensive application of value analysis to both financial and technical management activities Source G3 A structured systematic and analytical process that seeks to achieve best value for money by providing

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