Asset Lifecycle
The complete journey of a building asset from acquisition through disposal, including planning, operation, maintenance, and replacement.
Full Definition
Asset Lifecycle refers to the complete journey of a building asset from initial planning and acquisition through operation, maintenance, and eventual disposal or replacement. It includes stages such as design, procurement, installation, commissioning, operation, maintenance, refurbishment, and decommissioning. Understanding asset lifecycle helps facility managers optimize costs, plan maintenance, make informed replacement decisions, and maximize asset value throughout its useful life.
Related Terms
Asset Management
The systematic process of managing physical assets throughout their lifecycle to maximize value.
Preventive Maintenance
Scheduled maintenance performed to prevent equipment failures and extend asset life.
Equipment
Physical assets like HVAC units, pumps, and electrical systems that are monitored and maintained.