Equipment management glossary
The terms that come up when you run shared equipment — defined in plain English, with the failure mode each one exists to prevent.
30 terms, no filler
Every entry gives you the one-sentence definition first, then what it means in practice, what goes wrong without it, and the formula where there is one.
Asset lifecycle management
Asset lifecycle management is the practice of managing equipment deliberately at every stage — from specifying and buying it through use and maintenance to disposal.
DefinitionAsset register
An asset register is the authoritative list of what an organisation owns, holding each item's identity, value and location for accounting and operational purposes.
DefinitionAsset tag
An asset tag is a durable label fixed to a piece of equipment carrying a unique identifier, so the physical item can be matched to its record.
DefinitionBarcode tracking
Barcode tracking uses printed machine-readable codes on physical items so that scanning a label, rather than typing an identifier, records what happened to which item.
DefinitionCalibration
Calibration is the documented comparison of an instrument's readings against a known reference, and any adjustment needed to bring it back within tolerance.
DefinitionChain of custody
Chain of custody is an unbroken record of who held a specific item, and when, from the moment it was acquired to the moment it left the organisation.
DefinitionEquipment checkout
Equipment checkout is the recorded handover of an item to a person for a period of time, closed by a check-in when the item comes back.
DefinitionEquipment condition report
An equipment condition report is a dated record of the physical and working state of a specific item, used to track deterioration and settle damage questions.
DefinitionEquipment depreciation
Equipment depreciation is the accounting method for spreading an item's cost across the years it is expected to be useful, rather than expensing it all at purchase.
DefinitionEquipment downtime
Equipment downtime is time during which equipment is unavailable for its intended use, whether because it has failed or because it is being serviced.
DefinitionEquipment inventory
An equipment inventory is a complete, current list of the equipment an organisation owns, with enough detail per item to identify it, locate it and account for it.
DefinitionEquipment inventory system
An equipment inventory system is software that maintains a live register of individual equipment items and records every booking, handover, movement and repair against them.
DefinitionEquipment kit
An equipment kit is a group of items that travel and are issued together as a single unit, while remaining individually tracked.
DefinitionEquipment loan agreement
An equipment loan agreement is a short written record of who borrowed which equipment, when it is due back, and what condition it was in when it left.
DefinitionEquipment management
Equipment management is the practice of tracking what equipment an organisation owns, where it is, who has it, and what condition it is in — across its whole working life.
DefinitionEquipment sign-out sheet
An equipment sign-out sheet is a log where people record which equipment they are taking, when they took it and when they returned it.
DefinitionGear cage
A gear cage is a secured store from which shared equipment is issued and returned, common in film and broadcast production, universities and theatres.
DefinitionHome location
An item's home location is where it belongs when idle; its current location is where it is right now. The two are separate fields for a reason.
DefinitionInventory audit
An inventory audit is a physical check of what an organisation actually holds against what its records claim, followed by reconciliation of the differences.
DefinitionInventory shrinkage
Inventory shrinkage is the gap between what records say an organisation holds and what it actually holds, expressed as a share of value.
DefinitionMaintenance schedule
A maintenance schedule is the plan of what servicing each item needs, at what interval, and who is responsible for doing it.
DefinitionMean time between failures (MTBF)
MTBF is the average operating time between one failure and the next for repairable equipment, used as a reliability measure.
DefinitionPreventive maintenance
Preventive maintenance is servicing equipment on a planned schedule — by time or by usage — to reduce the chance of it failing unexpectedly in use.
DefinitionReservation vs checkout
A reservation claims equipment for a future period; a checkout records that someone has actually taken it. Most operations need both.
DefinitionService history
A service history is the complete record of maintenance, repairs and inspections carried out on a specific item, with dates, work done and cost.
DefinitionTool crib
A tool crib is a controlled store from which tools and equipment are issued to workers and returned, common in manufacturing, construction and maintenance shops.
DefinitionTotal cost of ownership (TCO)
Total cost of ownership is everything a piece of equipment costs across its whole life, not just its purchase price, less whatever it is worth at the end.
DefinitionType vs category
A type is the single thing an item fundamentally is; categories are the many attributes you want to filter it by. One item has one type and any number of categories.
DefinitionUtilisation rate
Utilisation rate is the share of available time that a piece of equipment is actually in use, expressed as a percentage.
DefinitionWork order
A work order is an instruction to carry out a specific piece of maintenance or repair on a specific item, tracked from raised to completed.
DefinitionTake control of your equipment
Try every feature free for 14 days. No credit card, no obligations.