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Function
The purpose of an asset. What it is intended to do for the benefit of the organization and other stakeholders.

For example:
  • The roof keeps rainwater out of the building
  • The boiler heats the hot water for cooking and bathing

The level of performance which the owner of the asset requires when it does.

An asset can have many functions, commonly split into primary and secondary functions.

The level of performance specified is that required by the users of the asset, which may be different to the original design.

See also: