Models

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Glossary - U

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Uncertainty

The possibility of an outcome other than the expected one, where the probabilities are not known. Source: A4

Uncertainty Analysis

A detailed examination of the systematic and random errors of a measurement or estimate; an analytical process to provide information regarding the uncertainty. Source: S1

Unplanned Maintenance

Corrective work required to immediately, or within a short period of time, restore an asset to working condition so it can continue to deliver the required service or to maintain its level of security and integrity. This in general involves relatively minor repairs. If major, they may fall into another category. Source: G1

Useful Life

From an asset management perspective, "useful life" can mean either:

  • The estimated period of time over which a depreciable asset is expected to be able to be used, or the benefits represented by the asset are expected to be able to be derived from. Source: S2
  • The estimated service potential, expressed in terms of production or similar units that is expected to be obtained from the asset. Source: G3

Utilization

Refer to: Asset Utilization.

Utilization Measure

A performance measure of how effectively an asset or facility is being used to meet an agency's service delivery objectives. Source: S2