Asset management is a business process and a decision-making framework that covers an extended time horizon, draws from economics as well as engineering, and considers a broad range of assets. The asset management approach incorporates the economic assessment of trade-offs among alternative investment options and uses this information to help make cost-effective investment decisions. Asset management has come of age because of changes in the transportation environment, changes in public expectations, and extraordinary advances in technology. An Asset Management philosophy focuses on the benefits of investment, as well as its costs, and takes a comprehensive view of the entire portfolio of transportation resources. Asset Management is an improved way of doing business that responds to an environment of increasing system demands, aging infra-structure, and limited resources.
GASB#34 Asset Management TEAM Transportation Fair Presentation by: Charles J. Nemmers, P.E. October 8, 2004 St. Louis, Missouri
Network Performance Objectives (Recommendations) State Network Interstate +12 Years 5% or less +15 Years 3% or less Percent Requiring Reconstruction Average RSL Arterials/Major Collectors (NHS and High Volume Roads) Major Collectors (Low Volume) and Minor Collectors + 10 Years 5% or less No more than 5% 10 Year(min.) Local Roads and Streets