Asset management is an integrated strategy that involves all institutional areas in order to efficiently manage new and current assets for service delivery to users. The goal is to strike the ideal balance between maximizing benefits, minimizing risks, and providing the community with sufficient levels of service in a sustainable way. To create sustainable communities, sound asset management procedures are essential.

The Core Principles of Transportation Asset Management

• Policy-driven-Resource allocation decisions are based on a well-defined set of policy goals and objectives.

• Performance-based-Policy objectives are translated into system performance measures that are used for both day-to-day and strategic management.

• Analysis of Options and Tradeoffs-Decisions on how to allocate funds within and across different types of investments (e.g., preventive maintenance versus rehabilitation, pavements versus bridges) are based on an analysis of how different allocations will impact achievement of relevant policy objectives.

• Decisions Based on Quality Information-The merits of different options with respect to an agency's policy goals are evaluated using credible and current data.

• Monitoring Provides Clear Accountability and Feedback-Performance results are monitored and reported for both impacts and effectiveness.

Adapted from NCHRP Report 551, Performance Measures and Targets for Transportation Asset Management, Vol. I, Research Report, 2006, p. ii.