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Perspectives on Asset Management

Perspectives on Asset Management. AM Peer Exchange April 19, 2012. MnDOT status. Robust performance measures Varying levels of maturity across assets Quasi-risk based, in that we have invested resources in critical areas of pavements and bridge

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Perspectives on Asset Management

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  1. Perspectives on Asset Management AM Peer Exchange April 19, 2012

  2. MnDOT status • Robust performance measures • Varying levels of maturity across assets • Quasi-risk based, in that we have invested resources in critical areas of pavements and bridge • Working to identify maintenance needs in 20-year Highway Investment Plan update • Core working group establishing a framework based on Implementation Guide • Evaluating “enterprise” software solutions for asset management

  3. Areas to be addressed: Risk • Managing risk and managing for performance create trade-offs beyond just asset condition. • Some risks are related to public trust and confidence. Politics are a factor that can’t be ignored. • Appropriately managing risk, means that we may not invest in some low-risk assets even if more money becomes available

  4. Areas to be addressed: Culture • Need to have a framework that is easy to understand – how does asset management, risk management, and performance management work together? • Shift from local decision making (what is best for an individual asset) to global (what is best for the system or an entire asset class). This is may “feel” like a transfer in power and/or decision-making authority. • This applies nationally as well. Is there a shared national vision for transportation performance?

  5. Areas to be addressed: Goal-Setting • From a risk-based perspective, “state of good repair” may be too lofty of a goal for some assets • Not all assets have clear performance goals/standards of service. Example: fencing • Operational performance and physical condition are not necessarily aligned. Example: Noise walls can still serve their primary function even in a state of disrepair.

  6. Areas to be addressed: Resources • Data collection and management are resource intensive. • What amount of information about an asset class is “good enough” for decision-making? For managing risk? Where is the point of diminishing returns? • What is the return on investment for asset management systems?

  7. Broad Need(s) Areas • Connect risk management, asset management, and performance management (see graphics). • Evolve asset management to “risk-based asset management and goal-setting” • Research topics – case study of risk-based asset management • Federal Vision

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