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Asset Classification
Listed below are the primary asset classification systems:


Classification schemes:
  • Physical vs. financial assets
  • Natural vs. built assets
  • LVP Assets

Asset classification by system:



Purpose of Classification
The misclassification of assets can result in several problems, including:
  •     Missed and neglected equipment
  •     Inappropriate prioritization schemes
  •     Inadequate budget harmonization
  •     Ineffective teamwork
  •     Increaed risk
  •     etcetera.


Sample Purpose of Classification

HierarchyIDAssets
Vertical assetsV1 Waste Water Treatment Plants
V2 Wet wells and Pumps stations
V3 Odour & corrosion control
V4 Other
Linear AssetsL1 Building sewers/
 Property service connections
L2 Lateral & branch sewers
L3 Main sewers
  • Sanitary mains
  • Combined mains
  • Force mains
L4 Trunk sewers
L5 Interceptor sewer
L6 Sewer connections
L7 Cleanouts
L8 Manholes
L9 Easements/ROWs
L10 Other
Portable assetsP1 Vehicles - Pumper trucks. etc
P2 Equipment - CCTV, etc
P3 Other
Asset hierarchy extending acorss all asset classes
Fig. Asset hierarchy extending across all asset classes.


Human physiology as an analogy to illustrate the importance of system interaction.
Fig. Human physiology as an analogy to illustrate the different systems of buildings.


The triad of L-V-P asset: Linear (L), Vertical (V) and Portable (P)
Fig.  The triad of L-V-P assets: Linear (L), Vertical (V) and Portable (P).


The hierarchy of assets as contemplated in the ISO 55001 standard for asset management.The detailed asset classification scheme and granularity is determined by the organization's objectives and nature of the assets.
Fig. The hierarchy of assets as contemplated in the ISO 55001 standard for asset management. The detailed asset classification scheme and granularity is determined by the organization's objectives and nature of the assets.


Example of the N-L-V-P asset classification scheme in a municipal setting
Fig. Example of the N-L-V-P asset classification scheme in a municipal setting.


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Fig. Alternative asset classification systems.


I. Care trying to integrate the linear assets, vertical assets and portable assets in his portfolio
Fig. I. Care trying to integrate the linear assets, vertical assets and portable assets in his portfolio.


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Fig. Matrix of Uniformat and MasterFormat

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I. Care is piecing together the different interconnected systems, assets and components of his building
Fig. I. Care is piecing together the different interconnected systems, assets and components of his building.

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