This training link is a video interview with Terry Nelson, of inspiraworks.com. During the EPA 2-Day seminar (Tom's Bad Day) there is a recommendation to organize assets into some kind of hierarchy and they give examples of hierarchy by location or equipment type or accounting group. As early as 1992, Terry developed a hierarchy based on function or systems and in this video he discusses some of the details and the benefits of this approach.
My favorite quote from this discussion is:
Asset management, oddly and perhaps ironically, is actually system and function management, Terry Nelson February 2008.
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