Description

1.1 This practice covers the management of administratively controlled movable, durable property.

1.2 Generally, organizations should establish and maintain control of such property inventories in a manner that will strike a balance between the costs of control and the risks of sustaining incidents of lost damaged or destroyed property.

1.3 The creation and maintenance of cost effective property management systems is of vital concern, and the costs of inventory control used to identify and locate property should be continually assessed against the physical inventory results.

1.4 The cost effective and timely identification and location of property assets is a critical economic factor in the success of any organization.