Asset management principles are becoming increasingly important to help agencies manage their assets as they face fewer available resources, higher expectations for customer service, and increased demand for more transparency in the decision process. In an asset management environment, investment decisions are linked to targeted performance levels that have been established based on current and expected asset conditions. Trade-offs between investments in different types of assets and different investment priorities can be assessed because of the availability of reliable data and a clear set of performance metrics that the agency hopes to achieve. As a result, agencies are better able to use their funding effectively and to defend their need for additional resources.
The Transportation Asset Management course introduces a strategic approach to managing physical transportation infrastructure. This 1 ½-day course covers the principles of asset management and introduces the five core questions every agency should be able to answer about its assets. The course contains modules on the following topics: asset management principles, performance measures, long-term financial planning, risk assessment, and implementation. Through a series of workshops, the course material introduces the participants to the application of asset management principles in real life situations. It also provides a review of a self-assessment that can be used to identify agency gaps between the desired and actual use of these principles. The course concludes with recommendations for advancing the implementation of asset management practices within the agency.
This course is the first in a series and serves as a prerequisite for 131106B “Development of a Transportation Asset Management Plan.” The other course in the series is 131106C “Introduction to Transportation Asset Management Plans”, which is Web-based.