Risk Concepts and Applications in Transportation Asset Management: An Overview of Current Practice

摘要

Transportation Asset Management (TAM) systems are in place and evolving at manytransportation agencies. Key functions of these systems include inventorying and monitoring thecondition of infrastructure assets, predicting performance and prioritizing projects. Riskappraisal, which is comprised of both risk assessment and risk management, is incorporated insome of these systems. This paper reviews risk applications in TAM. The agencies analyzed inrange from local agencies, such as municipalities, to state and national agencies. Results of thereview show that risk applications, such as scenario and sensitivity analysis, probabilistic riskanalysis, simulation and Markov chains, can be found in TAM functions such as projectprioritization and performance prediction, to allow for more strategic investments that considerthe highest risks together with other important decision criteria.