Asset management is 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 minimum practicable cost.(23 U.S.C. 101(a)(2), MAP-21 § 1103)
The basic principles of asset management and performance management are identical. As good asset management must be performance-based. In looking to define the relationship between asset management and performance management one must recognize that broad performance management principles apply to asset management as well as other aspects of the transportation system and transportation organizations. While the core principles of asset management and performance management are identical, the application of these principles to different aspects of the transportation system will vary in terms of:
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