asset

An asset is anything that has potential or actual value, whether a resource or a value that can be converted into capital. An organisation or individual expects the asset to provide future benefits to its employees, customers, or environment. In AEC Industry ‘asset’ is often interchangeable with a built asset.

In the context of BS 8536, an “asset” is generally understood as a physical item or system that has value and is part of a built environment. This could include buildings, infrastructure, equipment, or systems within a building. The standard emphasizes the lifecycle management of these assets, from initial conception and design to construction, operation, and eventual decommissioning or replacement. The goal is to ensure that assets meet the operational and functional needs of their users throughout their lifecycle.

Relation of the term ‘facility’ to ‘asset’

In some contexts, the terms may be used interchangeably, but they do have distinct meanings. “Asset” is a broader term that can refer to any valuable component, while “facility” specifically refers to a physical space or complex designed for a particular purpose.

The key distinction is the focus on outcomes and performance. Both terms are used within the context of ensuring that the built environment is designed and constructed in a way that meets the needs of its users and stakeholders, both in the immediate and over the long term. It encourages a holistic approach, considering how design and construction decisions impact the functionality, efficiency, and sustainability of assets and facilities throughout their lifecycle.