ASSET VALUE PRACTICES AND FUNCTIONALITY (FHWA-OK-19-07 2283)

Abstract

Providing a better understanding of the value of the State of Oklahoma’s transportation assets as well as the maintenance activities necessary to keep them in a state of good repair is a key component of sustainable long-term asset management. This report enhances asset management planning efforts to better meet Federal requirements by providing a variety of approaches to valuation of transportation assets. The project also included a state of the practice review, a literature assessment, and a workshop and training overview of how to apply a variety of approaches. Losses to state highway functionality over time were categorized and examined to assess what actions can help preserve, reestablish, improve and enhance functionality in the future as a means to also evaluate the transportation network. The project identified ways to influence functionality of transportation assets, enhance safety and reduce future maintenance and investment expenditures. Ultimately, this effort detailed alternative approaches to business processes in Oklahoma with respect to asset management strategies and practices. Some further research is needed to determine if the new approaches would be worth the level of effort to launch new practices.