Analytical Tools for Asset Management (2005) / Chapter Skim
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These tools can contribute to strengthened business processes in several areas: integration of information on transportation modes or programs; analyses of economic and other impacts of investment decisions; investigation of optimal strategies in areas such as preventive maintenance; and assessment of investment tradeoffs across programs, modes, or investment options. Most state DOTs have management systems in place that provide useful capabilities for assessing needs and recommending work for specific asset types (e.g., pavements, bridges, and public transit or aviation facilities)
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The capabilities of existing management systems and tools need to be strengthened, supplemented, and better integrated to address gaps in current decision-support capabilities. For example, although considerable effort is being expended to define and collect data on performance measures and although such measures are used for technical evaluations and tactical decisions, tools are lacking for more strategic applications such as tradeoff analyses.
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Context for analytical toolbox. Establish Goals, Objectives, and Performance Measures Analyze Current/Future Condition and Performance Develop Plans and Programs Monitor Results Evaluate Investment Levels and Tradeoffs Identify Needs and Solutions Evaluate and Compare Options Figure 2.
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The review examined work in five categories: • Decision-making frameworks and practices for asset management and performance-based planning, • Benefit/cost analysis or multiobjective ranking tools for individual projects or strategies, • Life-cycle cost analysis procedures and tools, • Investment analysis tools that can generate needs and work candidates based on engineering and economic criteria and assist with analyzing the relationships between investment levels and system performance, and • Tools that can display and analyze integrated information across multiple management systems. In each of these categories, the review included tools designed for network-level, program-level, and project-level analysis.
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From page 7... ...
with average costs and impacts for different strategies • Automated calculation of strategy impacts, benefits, and costs • Automated calculation of strategy rating/ranking given set of objectives, performance measures, weights, and impacts • Life-cycle cost analysis • Benefit/cost analysis • Multiobjective ranking • Multiobjective impact tableau • Queries of specialized database(s) with average costs and impacts for different strategies • Tools to predict likely impacts of different strategies (e.g., network models, sketch-planning tools)
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From page 8... ...
. Section 7 presents recommendations for future research on analytical tools for asset management, including work to further enhance the tools and encourage their adoption.
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