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Useful Life

One of many types of life concepts associated with forecasting of the service-in-use value and eventual renewal of assets.

The estimated time, typically measured in calendar years, that an asset can be expected to serve its intended function if properly constructed in its present application or installation. 

Useful life ends when functional obsolescence forces replacement or adaptation of the asset


Examples
Listed below are some examples of the application of useful life to assets:

  • We decided to remove our playground equipment when the demographic changed in our building and there we no longer any children to use the equipment.
I. Care is attempting to slow down or reserve the sands of time so that he can undo the deferred maintenance
Fig. I. Care is attempting to slow down or reserve the sands of time so that he can undo the deferred maintenance. A futile but valiant attempt.

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