1.1 This practice covers the establishment of a process consensus model for determining the life-cycle cost (LCC) of personal property assets owned or used by an entity.

1.1.1 For businesses, these personal property assets are required to achieve financial returns from producing and selling goods or services, or both.

1.1.2 For institutions and agencies, these personal property assets are required to accomplish their primary mission.

1.2 Real and personal property assets may include capital (fixed) assets and movable, durable assets including: customer-supplied assets, rental/leased assets, contract/project direct-purchased assets, or expense items.

1.3 Asset service lives can be divided into four distinct stages, each with several separate yet interrelated substages: budgetary/planning, acquisition, utilization, and disposition. These primary stages are not intended to be all encompassing, but are offered as the basis for establishing LCC.

1.4 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety and health practices and to determine the applicability of regulatory limitations prior to use.

2. Referenced Documents (purchase separately) The documents listed below are referenced within the subject standard but are not provided as part of the standard.

ASTM Standards

E2135 Terminology for Property and Asset Management

E2219 Practice for Valuation and Management of Moveable, Durable Property

Keywords

acquisition; budgetary activities; disposal; life-cycle cost; personal property; planning activities; property; utilization;

ICS Code

ICS Number Code 03.100.10 (Purchasing. Procurement. Logistics)

Citing ASTM Standards

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