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|Publication Number: FHWA-HRT-14-012
Date: April 2014
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Protecting Transportation Investments with Risk-Based Asset Management
A new series of reports available from the Federal Highway Administration (FHWA) examines how transportation agencies can use risk management to better protect their highway infrastructure investments, improve decisionmaking, and demonstrate accountability.
Until recently, transportation agencies have largely used risk management at the project level during construction. Managing risks at the project level helps to identify threats to the cost, scope, and schedule, as well as opportunities to keep projects on track. However, risk management can also pay dividends at the broader program and organizational levels, particularly when agencies face funding challenges. For example, the Washington State Department of Transportation (WSDOT) tracks and forecasts potential risks to assets. Based on the classification, age, condition, performance, and projected risk to assets, WSDOT then develops and implements reconstruction and preservation strategies. Agencies can also use risk management to prepare for and respond to such external risks as extreme weather events, climate change, and major economic downturns.
Managing risk is an integral step in following a comprehensive asset management framework, as described in the American Association of State Highway and Transportation Officials Asset Management Guide—A Focus on Implementation. And under the Moving Ahead for Progress in the 21st Century Act (MAP-21), States are to develop risk-based transportation asset management plans.
State transportation agencies with a process for undertaking a risk management analysis for their highway network would include identification, assessment, evaluation, and prioritization of risks that can affect the condition, effectiveness, and system performance as it relates to operation of their physical assets. Agencies would also include an approach for addressing the risks that they determine to be high priority.
“This series of reports will help transportation agencies as they develop their asset management plans and make complex infrastructure investment decisions and communicate them effectively to the public,” said Steve Gaj of FHWA.
Five reports are available in the Risk-Based Transportation Asset Management series:
To download all of the reports, visit www.fhwa.dot.gov/asset/pubs.cfm?thisarea=risk. For more information on risk-based transportation asset management, contact Nastaran Saadatmand at FHWA, 202-366-1337 (email: firstname.lastname@example.org), or Steve Gaj at FHWA, 202-366-1336 (email: email@example.com).
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United States Department of Transportation - Federal Highway Administration