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Asset Inspection

The continuous assessment of the condition of assets aligns the anticipated condition of an asset to the actual condition of an asset to provide clarity for the management of those assets and the allocation of resources. 

The Asset Inspection shall determine the current physical condition and the life-cycle / service life of assets to provide baseline data, benchmarks nd metrics by which the organization can efficiently plan and cost-effectively manage the following aspects of the asset: Executive Management (capital funding, strategic planning, risk analysis)Fiscal Planning (program oversight, budget projections, scenarios planning, asset disposal)Strategic Management (program execution, cost accounting, procurement) Asset Management (condition management, project planning, needs prioritization)

Asset Inspection is the task of surveying or assessing the physical condition of an asset, to create data that can be used in the efficient and effective management (governance) of that asset over its life-cycle.  Regularly updating asset condition assessment data will ensure that the decision making process will improve the governance of the life-cycle of assets and increase an asset’s return on investment.

When Required
Asset Inspection is a continuing task that can be performed in isolation or along with other tasks when visiting an asset in the field.  Having accurate condition assessments is critical to accurate TCO evaluations and is performed after the procurement of an asset and the identification of the asset in Managed Asset (3.3.1).  Thereafter, continuous Asset Inspections should occur on a regularly scheduled interval appropriate to the organization.