In 2012, President Obama signed into law new legislation that is commonly referred to as the Moving Ahead for Progress in the 21st Century Act (MAP-21). In addition to providing funding, this legislation established a performance-based Federal highway program (NHPP) which introduced asset management as “...a strategic and systematic process of operating, maintaining, and improving physical assets, with a focus on engineering and economic analysis based upon quality information, to identify a structured sequence of maintenance, preservation, repair, rehabilitation, and replacement actions that will achieve and sustain a desired state of good repair over the lifecycle of the assets at a minimum practicable cost.”
What is the Objective of Transportation Asset Management?
ODOT sees Transportation Asset Management as a way of managing an increasing highway system at a time when funding is decreasing. ODOT’s TAM program offers a process that depends on quality information and disciplined analysis, This process establishes a basis for optimizing expenditure tradeoffs that impact the ability to sustain or improve the conditions of the system at a minimum cost.
As the TAM process improves the optimization of balancing construction, maintenance, and operations activities the agency is allowed to answer questions such as:
What is the current state of the system assets?
What are the required levels of service and performance delivery?
Which assets are critical to sustained performance?
What are the best investment strategies for addressing operation, maintenance, replacement, and improvement needs?
What is the best long-term funding strategy?
What are our risks and how do we manage these risks?