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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

    Original URL path: http://simple.werf.org/Pages/Glossary/Glossary---h (2016-05-01)
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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

    Original URL path: http://simple.werf.org/Pages/Glossary/Glossary---j (2016-05-01)
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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

    Original URL path: http://simple.werf.org/Pages/Glossary/Glossary---k (2016-05-01)
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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

    Original URL path: http://simple.werf.org/Pages/Glossary/Glossary---l (2016-05-01)
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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

    Original URL path: http://simple.werf.org/Pages/Glossary/Glossary---m (2016-05-01)
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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

    Original URL path: http://simple.werf.org/Pages/Glossary/Glossary---n (2016-05-01)
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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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