Asset Inventorying: The process of identifying University assets for the purpose of recording/verifying their information in the Central Asset Management System.

Asset Tagging: Action of putting a physical “sticker” tag, with a bar code, on a University Asset.

Asset Tracking: Action of entering an asset’s information (asset record) into the Central Asset Management System, and/or modifying this information at different times during the asset’s lifecycle.



Acquisition: This refers to the activity whereby a University asset is being purchased, fabricated, leased or transferred for University-related activities.

Use and Maintenance: This is the time period during which the asset is being used, and/or maintained for University-related activities.

Used or End-of-Life (U/EoL) Management: This is the stage during which an asset is assessed for the purposes of determining whether or not it can be reassigned for use elsewhere within McGill (reused internally), sold or transferred outside of McGill, or if it needs to be sent for downstream processing (i.e. recycling for material recovery).



Asset Category Administrator: Person responsible for the lifecycle governance of a specific asset category. This person must be involved in the lifecycle management of assets at specific moments such as at the time of acquisition or when U/EoL management is implemented. To-date, McGill University has identified its Asset Category administrators for IT Assets and Vehicles.

Asset Steward: Person accountable, on behalf of the University, for the custody and integrity of an asset, or in the absence of this person, the Faculty or Unit that has become accountable for the asset’s custody. This person is usually a fund financial manager.

Asset User/Operator: Person responsible for the operation and/or regular use and maintenance of a University asset (for example lab technician, vehicle operator). The Asset User/Operator can be the same as the Technical Steward or Asset Steward.

Technical Steward: Person responsible for the preparation, maintenance and/or decommissioning of different assets. This can be a lab technician, IT support technician, for example. The Technical Steward and the Asset Steward may be the same person.

Central Asset Coordinator: Person in Procurement Services who is responsible for the integrity and maintenance of the Central Asset Management System.

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