- Asset
- A physical item or resource the organization chooses to control individually for operational, financial, risk or accountability reasons.
- Asset ID
- The organization’s stable internal identifier for an individual asset.
- Asset register
- The controlled index of individually tracked assets and their core records.
- Custodian
- The person, team or third party currently responsible for possession or day-to-day control of an asset.
- Owner
- The organization, department or other party that owns or has primary organizational responsibility for the asset.
- Location
- The physical place where an asset is expected or observed.
- Status
- A controlled value explaining the asset’s current lifecycle or availability state.
- Condition
- A description or grade of the asset’s physical or operational condition.
- Serviceable
- Usable for its intended organizational purpose under the applicable release or inspection process.
- Unserviceable
- Not currently usable for its intended purpose.
- Repairable
- Unserviceable but expected to be capable of return to use after an authorized repair process.
- In transit
- Between controlled locations and not yet received at the destination.
- Quarantine / hold
- Possessed but deliberately unavailable pending review, inspection or another release condition.
- Physical verification
- A process of comparing recorded asset identity and location with physical observation.
- Reconciliation
- The process of investigating and resolving differences between records and physical findings.
- Chain of custody
- The documented sequence of people or organizations that possessed or controlled an asset.
- Commissioning
- The transition from acquisition/installation into accepted operational use.
- Decommissioning
- The controlled removal of an asset from active service before final disposition or reuse.
- Retirement
- The lifecycle state indicating an asset is no longer active for normal operational use.
- Disposition
- The approved final path for an asset, such as transfer, sale, donation, recycling or other disposal.
- RFID
- Radio-frequency identification technology that can identify tagged objects without optical line-of-sight in suitable systems.
- BLE
- Bluetooth Low Energy, often used for proximity or location beacons.
- GPS
- Satellite-based positioning technology used for location of suitable mobile assets.
Plain-English reference