Asset Condition

Asset condition is a measure of the health of an asset. It is a key parameter in determining remaining useful life, and can be used to predict how long it will be before an asset needs to be repaired, renewed or replaced. Asset condition is also an indicator of how well it is able to perform its function. Measuring, recording and understanding asset condition is a key to successful asset management.

Factors that effect an asset's condition

• Its age
• Its environment (what weather etc it is exposed to)
• Its maintenance history (maintenance in the past)
• How well it is treated by the community
• How much use it gets (this also is accounted for in the Service Rating often a priority 1, 2, 3) but also is a factor in current condition.

Asset condition over time

The condition (and hence the future economic benefit) of most assets will deteriorate/reduce over time.
The condition of an asset may deteriorate at a steady rate or as shown below initially deteriorate slowly, and then deteriorate at a faster and faster rate until it is longer serviceable, at which time renewal works will need to be carried out to return it to as new condition.

Reasons for assessing an asset's condition

• To identify assets that are not performing satisfactorily
• To help predict when an asset will reach the end of its useful life
• To find out why an asset is not performing satisfactorily
• To determine what remedial works need to be performed to return an asset to statisfactory condition
• To gather information about the reasons for an asset failure, with a view improving a predictive model

Related Pages

• Asset Condition Assessment
• Asset Condition Inspection
• Asset Condition Profile
• Condition Monitoring
• Condition Assessment Systems
• Condition Assessment Techniques
• Condition Rating
• Depreciation
• Visual Condition Inspection
• Footpath Condition Slide Show

External Links & References

1. Google Search