A brief glossary of common terms used in MuniSight
Asset – Something that provides value.
Asset Management – Coordinated effort to maximize value received from an Asset.
Asset Management Objectives – Target results, set by a Municipality, for their Asset Management program.
Asset Management Plan – A centerpiece of any Asset Management program, this plan provides the 30,000-ft view of a Municipality’s Asset Management program on how they plan to achieve their objectives.
Asset Risk – An evaluation of the potential consequence arising from a failed Asset.
Book Value – An accounting measure, used to describe the price of an Asset. It is calculated by subtracting the Asset’s accumulated depreciation, from its initial purchase price.
GIS (geographical information systems) – A method to spatially represent data and information.
Level of Service – The amount of value that an Asset provides, with respect to certain criteria.
Lifetime – The anticipated amount of time that an Asset will be able to deliver service for.
Preventative Maintenance – Performing repair and refurbishment activities on an Asset, to extend its lifetime.
Relative Condition – The physical state of an Asset.
Replacement Cost – The price of substituting an Asset, with another of similar quality and service.