Asset Condition Assessment

  

Yes, this one assesses the condition of an asset. The goal is to ask some key questions: Does the asset need maintenance? How long is it expected to keep working? Would it look better in red?

Work for an airline (i.e. as a mechanic; flight attendants don’t proof the engines...at least not as part of their professional duties)? You’ll perform asset condition assessment on an airplane to figure out how much maintenance it needs and how long the plane will be a part of a fleet. You’ll also map all of those conditional assessments to budgetary requirements to keep the plane in working condition.

The big "duh" moment comes when you see cracks in the fuselage and fuel leaking below the wings...you ground the flight as you’ve assessed the condition of the plane to be not flightworthy. Or you slap some duct tape on it and send it off to Cleveland...whatever company policy says.

Find other enlightening terms in Shmoop Finance Genius Bar(f)