Implementation of Programmatic Life Cycle Cost Analysis in a Transportation Asset Management Framework

Federal and state policies are increasingly directing the owners of transportation assets to manage the performance of their assets and networks, using this information to minimize the long-term cost of providing service. Life cycle cost analysis considers how the overall cost of an asset, as it is incurred from planning and design through construction, operation, maintenance, and decommission phases, can be optimized. It also often includes costs experienced by transportation system users and stakeholders. It evaluates projects, programs, and policies in light of these economic outcomes, often in combination with other non-economic aspects of performance. Over time, the costs of routine maintenance and programmed repair work tend to increase as condition deteriorates. Agency policies and actions attempt to slow the rate of deterioration, or interrupt it entirely, by means of rehabilitation and replacement. If major agency expenditures can be delayed, this may be an attractive option in order to free up resources for higher priority uses. However, delayed maintenance or rehabilitation means further expenditures in future to bring the condition of those assets to an acceptable level of service. This implies that there is a time value of money and that data-driven decisions should be made about when to intervene in the life of an existing asset. In addition, future costs are subject to considerable uncertainty, which can have a significant effect on the relative attractiveness of various scope and timing alternatives. The objective of this research project is to develop guidance and one or more example tools to demonstrate quantitative asset-level, project-level, and network-level models for predicting the life cycle costs associated with preservation, replacement, and risk mitigation activities on the full range of highway assets. These costs may include agency, user, and non-user stakeholder costs. They may be associated with condition, risk, mobility, safety, or any other quantifiable aspect of transportation system performance.

Language

  • English

Project

  • Status: Proposed
  • Funding: $500000
  • Contract Numbers:

    Project 02-26

  • Sponsor Organizations:

    National Cooperative Highway Research Program

    Transportation Research Board
    500 Fifth Street, NW
    Washington, DC  United States  20001

    American Association of State Highway and Transportation Officials (AASHTO)

    444 North Capitol Street, NW
    Washington, DC  United States  20001

    Federal Highway Administration

    1200 New Jersey Avenue, SE
    Washington, DC  United States  20590
  • Project Managers:

    Goldstein, Lawrence

  • Start Date: 20180619
  • Expected Completion Date: 0
  • Actual Completion Date: 0

Subject/Index Terms

Filing Info

  • Accession Number: 01669532
  • Record Type: Research project
  • Source Agency: Transportation Research Board
  • Contract Numbers: Project 02-26
  • Files: TRB, RiP, USDOT
  • Created Date: May 21 2018 3:07PM