Open one run for one asset and one lifecycle decision. Confirm whether this is a new registration, a record update, a custody transfer, a periodic review, or retirement. Use the authoritative asset ID if one exists; do not create a second ID for the same asset. State the operational reason and the decision needed so later reviewers can trace scope.
1
Register new acquisition
2
Update existing record
3
Transfer custody or location
4
Perform periodic lifecycle review
5
Retire or dispose asset
Establish ownership and custody
Identify who is accountable for value, risk, funding, and policy decisions and who has day-to-day custody. Confirm the current operating location. Resolve shared or unclear ownership before continuing; an asset without accountable ownership is difficult to maintain, secure, or retire.
Classify value and criticality
Classify the asset consistently so governance and controls match its role. Rate criticality by the business impact of loss or failure, and record information sensitivity separately. When classifications conflict, choose the more protective treatment and explain the exception.
1
Land or buildings
2
Plant or equipment
3
Vehicles or mobile assets
4
IT hardware or software
5
Furniture or fixtures
6
Other managed asset
1
Mission critical
2
High
3
Moderate
4
Low
5
Non-operational
1
Restricted
2
Confidential
3
Internal
4
Public
5
Not applicable
Verify identity and acquisition evidence
Reconcile physical labels, purchase or transfer records, and the authoritative identifier. Capture manufacturer, model, serial or tag details where applicable. Attach source evidence and investigate discrepancies rather than guessing; duplicate or transposed identifiers undermine inventory accountability.
Confirm financial treatment
Record the proposed financial treatment using the organization's accounting policy. Validate cost, useful life, residual value, and depreciation method with Finance where relevant. Do not force non-depreciable or expensed items into a depreciation schedule; flag uncertain treatment for review.
1
Capital asset
2
Expense item
3
Leased asset
4
Donated or transferred asset
5
Pending finance review
1
Straight line
2
Declining balance
3
Units of production
4
Not depreciated
5
Pending finance decision
Assess condition and performance
Inspect current condition and determine whether the asset is available and fit for its intended service. Use inspection records, meter readings, service history, or test results as evidence. Record limitations and quarantine unsafe or unreliable assets through local controls before proceeding.
1
Excellent
2
Good
3
Fair
4
Poor
5
Failed
1
Fully operational
2
Operational with limitations
3
Temporarily unavailable
4
Out of service
5
Not yet commissioned
Assess lifecycle risks and controls
Evaluate safety, environmental, financial, operational, information-security, and regulatory exposure across the intended use. For connected assets, confirm inventory and security ownership. Define controls that reduce risk to the organization's accepted level and escalate any critical exposure immediately.
1
Critical
2
High
3
Moderate
4
Low
5
Minimal
1
Severe
2
Major
3
Moderate
4
Minor
5
Negligible
1
Internet connected
2
Internal network connected
3
Standalone digital asset
4
Non-digital physical asset
5
Unknown pending assessment
Define lifecycle plan and measures
Translate the asset's purpose, value, condition, and risks into an actionable lifecycle plan. Set review and maintenance cadence, measurable outcomes, and an end-of-life trigger. The plan should balance performance, risk, and expenditure rather than optimizing only one dimension.
1
Monthly
2
Quarterly
3
Semiannually
4
Annually
5
Condition or event based
Approval: Asset owner
Will be submitted for approval:
Capture asset lifecycle request
Will be submitted
Establish ownership and custody
Will be submitted
Classify value and criticality
Will be submitted
Verify identity and acquisition evidence
Will be submitted
Confirm financial treatment
Will be submitted
Assess condition and performance
Will be submitted
Assess lifecycle risks and controls
Will be submitted
Define lifecycle plan and measures
Will be submitted
Update authoritative asset record
After owner approval, create or update the authoritative inventory record using the verified data from this run. Check for duplicate records and preserve links to supporting evidence. Record the system and URL used so another person can reproduce the update.
1
Created and verified
2
Updated and verified
3
No change required
4
Pending integration sync
5
Exception requires correction
Complete commissioning or handover
For a new acquisition or custody transfer, confirm readiness, acceptance, access, documentation, and the receiving custodian's handover. Do not mark commissioning complete while safety checks, access controls, training, or acceptance evidence remain open.
1
Accepted and operational
2
Accepted with actions
3
Transferred and acknowledged
4
Commissioning failed
5
Not ready for acceptance
Schedule monitoring and maintenance
Convert the approved lifecycle plan into owned monitoring and maintenance commitments. Confirm the next due date, accountable service owner, and the signal that will trigger intervention. Align the schedule with manufacturer guidance, risk exposure, condition, and operational demand.
1
Calendar preventive
2
Usage based
3
Condition based
4
Predictive
5
Inspection only
Review lifecycle decision outcomes
Check whether the lifecycle action delivered the intended operational outcome and whether residual risks, costs, or performance gaps remain. Compare results with the approved objective and performance measure. Create a clear exception record for unresolved issues rather than closing them silently.
1
Objective achieved
2
Objective partly achieved
3
Corrective action required
4
Decision deferred
5
Action unsuccessful
1
Exceeds expectation
2
Meets expectation
3
Below expectation
4
Not yet measurable
5
No longer applicable
Plan retirement and disposal
For retirement or disposal, select a method that addresses reuse value, environmental duties, safety, information sanitization, contractual limits, and accounting treatment. Verify authority and vendors before releasing the asset. Document expected proceeds or costs and every required closure action.
1
Internal redeployment
2
Resale
3
Donation
4
Return to supplier
5
Certified recycling
6
Destruction
1
Verified destruction required
2
Secure erase required
3
Account and access removal
4
No information stored
5
Assessment still required
Approval: Retirement
Will be submitted for approval:
Assess condition and performance
Will be submitted
Assess lifecycle risks and controls
Will be submitted
Plan retirement and disposal
Will be submitted
Execute retirement and close records
Execute only the approved retirement method. Capture custody transfer, sanitization or destruction evidence, financial derecognition, inventory closure, and any proceeds or loss. If execution differs from the approved plan, stop and obtain a new decision before closing.
1
Completed and reconciled
2
Completed with adjustment
3
Pending finance posting
4
Not applicable
5
Exception requires review
1
Retired and closed
2
Disposed and closed
3
Transferred and closed
4
Pending downstream sync
5
Closure exception open
Close and report lifecycle action
Summarize the verified decision, completed updates, residual actions, and next review. Ensure evidence is accessible, exceptions have owners, and the authoritative asset record reflects the final state. Close the run only when the status can be understood without relying on private conversations.
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