An equivalent is when one physical item is exchanged with another physical item. Equivalency can be defined from either physical item as long as the relationship type still makes sense.

In AssetWise there are three types of equivalents:

• Interchangeable item - An interchangeable item is equivalent in fit, form, and function to the item for which it is exchanged. It can be used without selection of fit or performance, or without alteration to the item or adjoining items, except for adjustment.
• Replacement item - A replacement item is equivalent in function but differs physically from the item for which it is exchanged. Installation of the replacement item may require additional drilling, reaming, cutting, etc. to the item or adjoining items.
• Substitute item - A substitute item can only be used under specified conditions or in particular applications, without alteration to the item or adjoining items.