Home        About       News       Library       Contact
14

"Fair" (Condition)
One of the relative positions on  a condition index or financial index. that serves as a key performance indicator (KPI). that can be applied to either individual assets (such as roofs and boilers) or to entire facilities.

"Fair" forms part of a linguistic scale (index) rather that is typically applied to a group of measures that are underpinned by a numerical scale.



Scale
The typical linguistic scale/index utilizes terms such as:
Fair generally means a position midway between good and poor.


Application to Facilities
The "good" ranking classification is utilized in the following key performance indicators
Generally associated with a facility that is operating at Level 3 or level 4.


Evaluation
Listed below are some of the merits of this condition ranking scheme.
  • The ranking scale is simple and intuitive to use.
Listed below are some of the merits of this condition ranking scheme.
  • The terms are subjective and relative. 
  • The four tiered ranking scale may be too granular in some circumstances.
Two key performance indicators confirming that a facility is in relatively "fair" condition
Fig. Two key performance indicators confirming that a facility is in relatively "fair" condition.


Relationship between FCI, funding levels and facility operating standards.
Fig. Relationship between FCI, funding levels and facility operating standards.



See also:


(c) Copyright Asset Insights, 2000-2013, All Rights Reserved - "Insight, foresight and oversight of assets"