Risk Assessment Techniques for Transportation Asset Management

The objectives of the proposed research are to: (1) Provide tools that will help transportation agencies better identify, quantify and manage risk to their assets. (2) Review existing and best practices in risk assessment applicable to managing transportation assets in transportation and other infrastructure-intensive industries. The review should include methods for quantifying risk consequences, such as cost, safety, reliability impacts, as well as any approaches used for addressing compound risks. (3) Define improved approaches to incorporating consideration of risk in asset data collection, needs assessment, project alternatives analysis, prioritization and resource allocation, and performance reporting and tracking. The approaches should address how transportation agencies make multi-objective, cross-asset investment decisions under uncertainty to best support the national goals identified in 23 USC 150(b). (4) Review techniques that would be applicable in estimating and incorporating levels of uncertainty in the decision making and asset management process. The review should consider approaches used for managing a portfolio of financial risks, as well as other relevant techniques. (5) Define measures of asset resilience that can be incorporated into performance management in support of 23 USC 150(a). (6) Provide an implementation guide with practical guidance for transportation agencies to use to incorporate improved risk assessment into their existing asset management business processes, adapting strategies for managing financial risk and other approaches identified through the research.

Language

  • English

Project

  • Status: Proposed
  • Funding: $600000
  • Contract Numbers:

    Project 08-118

  • Sponsor Organizations:

    National Cooperative Highway Research Program

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

    Federal Highway Administration

    1200 New Jersey Avenue, SE
    Washington, DC  United States  20590

    American Association of State Highway and Transportation Officials (AASHTO)

    444 North Capitol Street, NW
    Washington, DC  United States  20001
  • Project Managers:

    Goldstein, Lawrence

  • Start Date: 20180618
  • Expected Completion Date: 0
  • Actual Completion Date: 0

Subject/Index Terms

Filing Info

  • Accession Number: 01672243
  • Record Type: Research project
  • Source Agency: Transportation Research Board
  • Contract Numbers: Project 08-118
  • Files: TRB, RiP
  • Created Date: Jun 18 2018 3:02PM