The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure and supporting utilities in industrial, business, and residential installations. Over time, this has come to include multiple wordings that describe various cost-effective practices to keep equipment operational; these activities occur either before or after a failure.
Seismic risk or earthquake risk is the potential impact on the built environment and on people's well-being due to future earthquakes. Seismic risk has been defined, for most management purposes, as the potential economic, social and environmental consequences of hazardous events that may occur in a specified period of time. A building located in a region of high seismic hazard is at lower risk if it is built to sound seismic engineering principles. On the other hand, a building located in a region with a history of minor seismicity, in a brick building located on fill subject to liquefaction can be as high or higher risk.
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service. It is a management accounting concept that can be used in full cost accounting or even ecological economics where it includes social costs.
The United States Department of State Bureau of Overseas Buildings Operations (OBO) is responsible for overseeing the construction, management, and operations of U.S. diplomatic facilities around the world.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property. Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
Deferred maintenance is the practice of postponing maintenance activities such as repairs on both real property and personal property in order to save costs, meet budget funding levels, or realign available budget monies. The failure to perform needed repairs could lead to asset deterioration and ultimately asset impairment. Generally, a policy of continued deferred maintenance may result in higher costs, asset failure, and in some cases, health and safety implications.
The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company first run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations (S&Ls) declared insolvent by the Office of Thrift Supervision (OTS) as a consequence of the savings and loan crisis of the 1980s. It also took over the insurance functions of the former Federal Home Loan Bank Board (FHLBB).
Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. This covers the design, construction, commissioning, operations, maintenance and decommissioning or replacement of plant, equipment and facilities.
The pavement condition index (PCI) is a numerical index between 0 and 100, which is used to indicate the general condition of a pavement section. The PCI is widely used in transportation civil engineering and asset management, and many municipalities use it to measure the performance of their road infrastructure and their levels of service. It is a statistical measure and requires manual survey of the pavement. This index was originally developed by the United States Army Corps of Engineers as an airfield pavement rating system, but later modified for roadway pavements and standardized by the ASTM. The surveying processes and calculation methods have been documented and standardized by ASTM for both roads and airport pavements:
Aircraft maintenance is the performance of tasks required to ensure the continuing airworthiness of an aircraft or aircraft part, including overhaul, inspection, replacement, defect rectification, and the embodiment of modifications, compliance with airworthiness directives and repair.
A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues. They are simple credit spread lenders, frequently "lending" by investing in securitizations, but also by investing in corporate bonds and funding by issuing commercial paper and medium term notes, which were usually rated AAA until the onset of the financial crisis. They did not expose themselves to either interest rate or currency risk and typically held asset to maturity. SIVs differ from asset-backed securities and collateralized debt obligations in that they are permanently capitalized and have an active management team.
Pavement management is the process of planning the maintenance and repair of a network of roadways or other paved facilities in order to optimize pavement conditions over the entire network.
The CAMELS rating is a supervisory rating system originally developed in the U.S. to classify a bank's overall condition. It is applied to every bank and credit union in the U.S. and is also implemented outside the U.S. by various banking supervisory regulators.
Whole-life cost is the total cost of ownership over the life of an asset. The concept is also known as life-cycle cost (LCC) or lifetime cost, and is commonly referred to as "cradle to grave" or "womb to tomb" costs. Costs considered include the financial cost which is relatively simple to calculate and also the environmental and social costs which are more difficult to quantify and assign numerical values. Typical areas of expenditure which are included in calculating the whole-life cost include planning, design, construction and acquisition, operations, maintenance, renewal and rehabilitation, depreciation and cost of finance and replacement or disposal.
Facility condition assessment is an analysis of the condition of a facility in terms of age, design, construction methods, and materials. The individuals who perform the assessment are typically architects and engineers, and skilled-trade technicians. Engineering and architectural professional opinions as to the conditions observed are part of the assessment. Building diagnostics go beyond facility condition assessments to determine solutions to the problems found and predict outcomes of the solutions.
Performance-Based Building Design is an approach to the design of any complexity of building, from single-detached homes up to and including high-rise apartments and office buildings. A building constructed in this way is required to meet certain measurable or predictable performance requirements, such as energy efficiency or seismic load, without a specific prescribed method by which to attain those requirements. This is in contrast to traditional prescribed building codes, which mandate specific construction practises, such as stud size and distance between studs in wooden frame construction. Such an approach provides the freedom to develop tools and methods to evaluate the entire life cycle of the building process, from the business dealings, to procurement, through construction and the evaluation of results.
Technical Integrity Engineering, also known as Asset Integrity, involves various engineering disciplines that focus on ensuring a product, process, or system meets its intended requirements when used. Applying these disciplines to reduce costs, maintain schedules, manage technical risks, and handle legal concerns during a project's entire life cycle ensures operational safety and efficiency in e.g., Oil and Gas, Power Generation, and Nuclear Power industries.
Sierra Army Depot (SIAD) is a United States Army post and military equipment storage facility located near the unincorporated community of Herlong, California. It was built in 1942 as one of several ammunition storage facilities located far enough inland to be safe from Japanese attack, yet close enough to western military posts and ports to facilitate shipment of supplies. The site also met the requirement that the depot be in a dry and isolated area.
Infrastructure asset management is the integrated, multidisciplinary set of strategies in sustaining public infrastructure assets such as water treatment facilities, sewer lines, roads, utility grids, bridges, and railways. Generally, the process focuses on the later stages of a facility's life cycle, specifically maintenance, rehabilitation, and replacement. Asset management specifically uses software tools to organize and implement these strategies with the fundamental goal to preserve and extend the service life of long-term infrastructure assets which are vital underlying components in maintaining the quality of life in society and efficiency in the economy. In the 21st century, climate change adaptation has become an important part of infrastructure asset management competence.
The return on brand (ROB) is an indicator used to measure brand management performance. It is an indicator of the effectiveness of brand use in terms of generating net income, a special case of return on assets.
