definitions

AIS
Annual Inspection Summary

ASSET MANAGEMENT
Asset management is a systematic process of maintaining, upgrading, and operating physical assets cost-effectively. It combines engineering principles with sound business practices and economic theory, and it provides tools to facilitate a more organized, logical approach to decision-making. Thus, asset management provides a framework for handling both short- and long-range planning (FHWA 1997)

ASTM
American Society of Testing and Materials

BACKLOG
Known and unfunded requirements for major repair or replacement of building systems or components.

BCI (series)
Building Condition Index (series), which includes: Component Condition Index (CCI), Component Section Condition Index (CSCI); System Condition Index (SCI); and Building Condition Index (BCI).

BMAR
Backlog of Maintenance and Repair

Building Component
Basic elements of a building (e.g. roofing, air handlers, and doors.)

Building Component Section
Groups of components with similar attributes (e.g. material composition, age, exposure)

Building System
Aggregates of components and component sections; usually into groups such as Roof, HVAC, and Exterior Closure.

CRV
Current Replacement Value - The present time, actual cost of replacing a building, system, or component; not the book value.

Defect
An abnormal condition of a building component

Deferred Maintenance Unfunded requirements for defect correction

Deficiency
The presence of conspicuous defects or deferred maintenance of a property's material systems, components, or equipment as observed during a field observer's walk-through survey (ASTM E-2018-01).

Distress
An observable defect (e.g. corrosion, missing part, cracking) of a building component (e.g. gutter, lighting fixture, pump), which adversely affects condition or can indicate a potential failure mode for the component.

Facility

FCI
Facility Condition Index - a ratio of the dollar value of an asset’s deferred maintenance to its CRV. An indicator of economic condition that is used without logical reason or scientific evidence as an indicator of an asset’s physical condition.

Major Repair
A defect correction requirement requiring funds exceeding a set amount and usually considered for funding on a line item basis.

Parametric Model
A set of related mathematical equations in which alternative scenarios are defined by changing the assumed values of a set of fixed coefficients (parameters).

Renewal The extension of an asset's remaining useful life by major repair or replacement of its component parts.

Responsible Infrastructure Stewardship

Transparent and auditable application to a facility portfolio of a recognized “Asset Management” strategy, using best practices that are state-of-the-art, affordable, and integrated.

Return on Investment (ROI)

ROI analysis is one of several approaches to building a financial business case. The term means that decision makers evaluate the investment by comparing the magnitude and timing of expected gains to the investment costs. Decision makers will also look for ways to improve ROI by reducing costs, increasing gains, or accelerating gains.

In the last few decades, this approach has been applied to asset purchase decisions (computer systems or a fleet of vehicles, for example), "go/no-go" decisions for programs of all kinds (including marketing programs, recruiting programs, and training programs), and to more traditional investment decisions (such as the management of stock portfolios or the use of venture capital).