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Life Cycles Overview

 

As part of an Asset's Life Cycle there are various workflow states that the asset can transition between.

 

The workflow states drive:

• Reports

• Available actions

• Integration with other system modules (inc Online/Offline functionality)

 

An overview of workflow states applicable to any level of the asset hierarchy is as follows:

State	Description
Acquire	Identify need for assetReview optionsCost / benefitsDesign Construct Identify new (pending) assets (at component level) to be acquired/constructedCreate pending assets records in asset registerCreate cost centres (accounts/work orders) to record cost of each new assetsRecord costs in correct cost centresIdentify 'as constructed' quantities for each aset (component)Identity and distribute indirect costs to new assets (components) (finance system or our future project management system)project managementengineering servicescorporate services etc
Commission Assets	Record new assets (and components) in asset register (update pending asset records)asset unit quantities and attributescost of acquisitiondate of acquisitionresidual valueuseful lifedepreciation methodIdentify fair value (contributed assets)Identify contributed asset costs (out of scope - finance system)Recognise (capitalise) cost of new assets in financial accountsCreate tactical maintenance plan
Operate and Maintain Asset	Record revaluation if appropriate Record assessment dataRecord indexation if appropriate Record impairment if appropriateRecord maintenance actionsIdentify fair value (contributed assets)Allocate funds required to provide life cycle servicesoperationmaintenancecapital renewaldisposal
Disposal	Record/review assets (and components) for disposal in asset register (update pending asset records)asset unit quantities and attributescost and date of renewalcost and date of retirementcost and date of redeploymentUpdate asset statusIdentify contributed asset costs (out of scope - finance system)Recognise (capitalise) cost of disposing assets in financial accountsUpdate status as required

 

Asset

State	Description	Actions	Can move to
Proposed	New asset with an Asset ID assigned	Add Work Request/Work Order, Assessments	ActiveNotional AssetOut of System
Notional Asset	Asset is able to be used in hierarchy views and for linkage	Add Work Request/Work Order, Assessments	ProposedActiveOut of System
Active	Asset being actively managed with components/valuations configured	Add Valuations, Work Request/Work Order, Assessments	NotionalDecommissionedDisposedOut of System
Decommissioned	Asset is yet to be disposed	Accounting, Work Request/Work Order, Assessments	ActiveDisposedOut of System
Disposed	Asset has been disposed	Valuation	ActiveDecommissionedOut of System
Out of System	Asset will not appear in search results and is functionally 'deleted'	Not visible to end-users by default. Can be viewed and restored by filtering the All Assets list in Asset Navigator	Active

 

Component

State	Description	Actions	Can move to
Proposed	New component with a component identifier	Split Asset,Add Valuation, Add Capital Treatment	ActiveOut of System
Active	Component actively managed (implied by adding valuations / dependent relationships)	Split Asset,Add Valuation, Add Capital Treatment	Decommissioned DisposedOut of System
Decommissioned	Component that is decommissioned and yet to be disposed	Split Asset,Add Valuation, Add Capital Treatment	ActiveDisposedOut of System
Disposed	Component that has been disposed	Split Asset,Add Valuation, Add Capital Treatment	DecommissionedOut of System
Out of System	Component will not appear in search results and is functionally 'deleted'	Not visible to end users	Active

 

Simple Asset Group

State	Description	Actions	Can move to
Active	Being actively managed	Making a Simple Asset Group Active will allow that group’s children Simple Assets to be either ‘Active’ or ‘Inactive’	Inactive
Inactive	Not actively managed	Making a Simple Asset Group Inactive will automatically move all that group's children Simple Assets to 'Inactive'.	Active
Deleted	No longer available in the system (irreversible)	A Simple Asset Group containing Simple Assets cannot be deleted

 

Simple Asset

State	Description	Actions	Can move to
Active	Being actively managed	Level 2 Assessments can be performed against Simple Asset	Inactive
Inactive	Not actively managed	New Level 2 Assessments cannot be performed against Simple Asset.Simple Assets that are associated with any Level 2 Assessments can be set as 'Inactive’	Active
Deleted	No longer available in the system (irreversible)	Simple Assets that are not associated with Level 2 Assessments can be permanently deleted from the system