July 13, 2005—The National Association of State Facilities Administrators (NASFA) has released a new publication defining the cradle-to-grave responsibility for measuring and managing a physical asset’s useful life. The framework provides a structure to help property owners, managers, overseers, and others determine and manage the Total Cost of Ownership (TCO) to best support their particular organization’s overall business or mission.
In this instance, the Asset Lifecycle Model is used as a framework for organizing a glossary of commonly used terms and definitions. NASFA asserts that the consistent use of appropriate terminology provides a foundation for the establishment of robust, scalable, and repeatable processes, best practices, methodologies, standards, metrics and benchmarks for facilities and physical infrastructure management.
Common terminology also enables effective communication among the various decision makers, building managers, operators, and technicians involved with facilities and physical infrastructure investment and management, adds NASFA.
The Asset Lifecycle Model for Total Cost of Ownership Management: Framework, Glossary & Definitions is available from NASFA.
