Glossary - L

Land Acquisition Plan

A plan outlining an agency's known additional land requirements. Where capital funding is required for the purchase of land, the proposals form part of that organization's Strategic Asset Management Plan. Source: D1 (modified)

Land Information Systems (LIS)

A system for capturing, storing, checking, integrating, manipulating, analyzing and displaying data about land and its use, ownership, development, etc. A subset of a GIS. Source: G1

Land Use Plan

The formulation of the future use of land resources, including any improvements to be made thereon. Land use planning is conducted at several levels of government by bodies such as urban planning authorities and regional planning authorities. Source: G3

Land Use Zoning

The assignment, by means of a planning scheme ordinance or a regulation, of a particular purpose for land use, such as residential, commercial (business), industrial (manufacturing), public purposes, recreational use or special use. Source: G3

Latent Condition

Physical condition of an asset that differs materially from the physical condition that could reasonably have been anticipated or discovered from documentation, physical inspection, due diligence or otherwise. Source: S2 (AS 2124 modified)

Leachate

Liquid that has percolated through solid waste and has extracted dissolved or suspended materials from it. Source: A4

Leaching

The process by which nutrient chemicals or contaminants are dissolved and carried away by water, or moved into a lower layer of soil. Source: A4

Lead Time

The time required before action can commence, e.g. for approvals, purchase of material or preparation of documents. Source: N1

Lease

A legal grant for the occupation or use of physical assets for a fixed time period, with specific obligations, responsibilities, terms and conditions attached to these rights, and for which the lessee (the occupier) pays to the lessor (the owner) a predetermined rental for the benefits of possession. The lease specifies the right and obligations of both parties to the contract. Source: P1

An agreement conveying the right from a lessor to a lessee to use an asset for a stated period of time in return for a series of payments by the lessee to the lessor. Source: S2

An agreement that conveys the right to acquire an asset that delivers, or is expected to deliver, services and that yields, or is expected to yield, revenue for the organization leasing the asset. Source: D1

Lease Management

The process of managing the financial and legal obligations of the lease arrangement once it is formalized. Source: P1

Level of Service

The level of asset service determined by both the quality and the quantity of services provided by an asset under consideration. Source: G1

Liabilities

Activities that relate to the acquisition and disposal of property, plant, equipment and other capital items of an agency. Source: S2

Life (Measure of Life)

A measure of the anticipated life of an asset, such as time in years, motion in number of cycles, distance in miles, interval in terms of designated events, etc. Source: G1

Life Cycle

From an asset management perspective, "life cycle" has two meanings:

The cycle of activities that an item (or aggregation of items) goes through while still retaining its own physical identity as that asset. These activities include planning, design, acquisition and support, including restoration, rehabilitation and disposal. Source: G3

The period of time between a selected date and the cut-off year or last year, over which the criteria (e.g. costs) relating to a decision or alternative under study will be assessed. Source: G1

Life Cycle Costs (LCC)

The total cost of an item throughout its life including the costs of planning, design, acquisition, operations, maintenance, and disposal, less any disposal value. Source: N1

The total cost of providing, owning, and maintaining a building or component over a predetermined evaluation period. Source: S2

Life Cycle Cost Analysis

Any technique that allows assessment of a given solution, or choice from among alternative solutions, on the basis of all relevant economic consequences over the service life of the asset. Source: G1

Life Cycle Cost Economics

The study of the economic consequences of alternative proposed assets for a defined function, taking into account benefits as well as costs over the life cycle of the asset, and usually incorporating the conversion of present and future cash flows to a common basis to allow for the time value of money. Source: G3

Life Cycle Planning

A key asset management tool that takes into account the whole-of-life costs associated with planning, acquiring, operating, maintaining and disposing of an asset. It is an integral part of Strategic Asset Management and enables investment and operational decisions to be made using appropriate evaluation tools and decision-making criteria. Source: P1

Likelihood

A qualitative description of probability or frequency.(AS/NZS 4360: 1999). Source: S2

Logged Breakdown Maintenance

Emergency maintenance required to repair failed equipment, plant or facilities where the failure and/or the type of equipment, plant or facilities does not have an immediate impact on the health, safety, security or welfare of the occupants or users of the equipment, plant or facilities and does not have an immediate impact on the structural integrity of the associate asset. Source: D1