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Volume II: Guide for Performance Measure Identification and Target Setting program. It brings a new perspective to how an agency conducts its existing procedures, reaches decisions, and applies its information technology (IT) capabilities. Asset management suggests prin- ciples and techniques for making better decisions based on better information. 2.3 The Role of Performance Measures in Asset Management Performance measures represent a critical underpinning of any successful application of trans- portation asset management (hereafter referred to as simply "asset management"). Building on the general asset management framework used throughout the Guide, Figure 1 illustrates that perfor- mance measures and targets are required at several points in an agency's resource allocation and delivery process: Figure 1. Role of Performance Measures and Targets in Asset Management Performance Measures and Funding Targets... Policy Goals Levels and Objectives Public Input Translate Policy Objectives into Guidance for Decision Making Analysis of Options and Tradeoffs Provide a Framework for Evaluating Options to Define Capacity Preservation Operations the Best Mix of Investments Expansion Within and Between Programs Help to Define Resource Allocation Decisions Expectations and Outcomes for Budget Financial Staff Equipment Other Decisions Help Track Effectiveness Program and Service Delivery of Program and Service Project Delivery Provide a Basis for System Conditions and Service Levels Monitoring System Conditions 4