Glossary - Acronyms

AM

Asset Management

AAM

Advanced Asset Management

AARA

Average Annual Renewal Annuity

ABS

Australian Bureau of Statistics – for growth and demographics

AMIP

Asset Management Improvement Program

AMIPM

Asset Management Improvement Program Management

AMIS

Asset Management Information System

AMP

Asset Management Plan

AMS

Asset Management Strategy

AMSC

Asset Management Steering Committee

AMT

Asset Management Team (Enterprise based group)

BAP

Best Appropriate Practice

BCE

Business Case Evaluation

BRE

Business Risk Exposure

BVC

Business Value chain

CAMT

Corporate Asset Management Team

CAP

Condition Assessment Program

CAM

Comprehensive Asset Management

CAPEX

Capital Expenditures

CIP

Capital Improvement Plan

CBD

Condition Based Depreciation

CBM

Condition Based Maintenance (Condition Monitoring, predictive)

CBV

Cost Base Value

CL

Confidence Level

CLR

Confidence Level Rating

CMOM

Capacity, Management, Operations and Maintenance

CoS

Cost of Service

CSO

Community Service Obligation (something we do but don’t get paid for)

DORC

Depreciated Optimized Replacement Cost

EIP

Effective Implementation Program

FM

Failure Modes – the ways in which assets fail

FMEA

Failure Modes and Effects Analysis

FMECA

Failure Modes, Effects and Criticality Analysis

GAMS

Government Asset Management System (whole of state government)

GAP

Gap Analysis Process

IIMM

International Infrastructure Management Manual

IPWEA

Institute of Public Works Engineering Australia

KPI

Key Performance Indicator

LoS

Level of Service

LTD

Life to Date

MEA

Modern Equivalent Assets

MMI

Maintenance Managed Item

NAMS

National Asset Management Steering (Groups in many countries)

NPV

Net Present Value

OPEX

Operational Expenditure (Operations and maintenance)

ORDM

Optimized Renewal Decision Making

PrM

Predictive Maintenance

PM

Planned Maintenance, also known as Preventive Maintenenace

PAMC

Principal Asset Management Consultant

QF

Quality Framework

RAM

Responsible Asset Management

RBA

Risk Based Analysis

RBRE

Residual Business Risk Exposure

RCA

Root Cause Analysis

RCM

Reliability Centered Maintenance

R&R

Replacement and rehabilitation

R&D

Research and Development

SCADA

System Control and Data Acquisition system

SIMPLE

Sustainable Infrastructure Management Program Learning Environment

SOW

Scope of Work

TAMP

Total Asset Management Plan

TBL

Triple Bottom Line – Economic, Social & Environmental

TCO

Total Cost of Ownership

TEAMQF

Total Enterprise Asset Management Quality Framework

TQM

Total Quality Management

UM

Unplanned Maintenance – also known as Corrective Maintenance

WBP

World’s Best Practice