The Asset Status Manager allows you create different types of 'Asset Status' (e.g. Commissioning, In Operations, Decommissioned, etc.) that can be selected when creating or editing an asset. You can then query against the different statuses to see how a project's assets are grouped and run reports.
The process for creating new Asset Status and assigning them to Assets is outlined below:
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Click the gear icon and search for "Asset Statuses."
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Click New from the Asset Statuses Manager bottom controls ribbon.
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Enter new Asset Status.
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Assign Asset Status Color.
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Save and Exit.