Standard Practice for Asset Utility

1.1 This practice establishes a quantitative process for asset utility, an asset priority index (API), to provide managers with a method to prioritize assets based on predefined criteria.

1.2 The API has a wide range of applications including, but not limited to, use as a basis for capital investment strategies, deferred maintenance approaches, security design and analyses, continuity of business/risk analyses, and disposition decisions.

1.3 The API model is designed to be applicable and appropriate for entities holding equipment designated as capital assets.

1.4 In addition to the applicability of moveable and durable assets as defined in this practice, this methodology may in whole or in part be effectively applied to intangible property, real property, and materiel.

This practice offers instructions for performing one or more specific operations. This document cannot replace education or experience and should be used in conjunction with professional judgment. Not all aspects of this practice may be applicable in all circumstances. This ASTM standard is neither intended to represent or replace the standard of care by which the adequacy of a given professional service must be judged, nor should this document be applied without consideration of a projects many unique aspects. The word "Standard" in the title means only that the document has been approved through the ASTM International consensus process.