Standard Practice for Prioritizing Asset Resources in Acquisition, Utilization, and Disposition
5.1 The API is a metric used to communicate the relative importance of assets in terms of mission criticality, security, or other measures important to the entity. It establishes a basis for evaluating prioritization of asset resources.
5.2 API offers a method for ranking assets based on judgment/importance factors defined by the entity, creating information to prioritize investments, security strategies, and disposition plans.
5.3 API provides a quantitative basis for determining and documenting operational relationships between an asset portfolio and entity capital investment strategies, maintenance approaches, security design and analyses, continuity of business/risk analyses, and disposition decisions.
5.4 The API enables entities to identify critical assets and allocate resources appropriately.
5.5 The API model is designed to be applicable and appropriate for entities holding assets with a material impact on the entity’s mission.
1.1 The asset priority index (API) establishes a quantitative process for prioritizing asset resources in acquisition, utilization, and disposition.
1.2 In addition to the applicability of moveable and durable assets as defined in this practice, this methodology is similarly used in the analysis of investments in buildings and building systems (see Practice E1765).
1.3 This practice offers instructions for performing one or more specific operations. This document cannot replace education or experience and should be used in conjunction with professional judgment. Not all aspects of this practice may be applicable in all circumstances. This ASTM standard is neither intended to represent nor replace the standard of care by which the adequacy of a given professional service must be judged, nor should this document be applied without consideration of a project’s many unique aspects. The word “Standard” in the title means only that the document has been approved through the ASTM International consensus process.
1.4 This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
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