Life-Cycle Planning Analysis in Asset Management
NCHRP has recently released "Life-Cycle Planning Analysis in a Transportation Asset Management Framework, a guide for transportation planning and engineering professionals on the implementation of life-cycle planning (LCP) analysis to support transportation asset management (TAM).
This guide presents a four-step framework with specific technical methods that agencies can apply to integrate life-cycle cost analysis into TAM decision making. This research will be of particular interest to transportation agencies seeking to develop and apply robust and consistent methods of life-cycle cost estimation to inform TAM decision making.
LCP is an integral part of a TAM framework and a process that estimates the full cost of managing an asset over its anticipated useful life. It is a practice based on economic and engineering principles to facilitate the development of a life-cycle activity plan for a given asset that balances costs, risks, and expected performance.
Supplemental to this report is the web-only document "Implementation of Life-Cycle Planning Analysis in a Transportation Asset Management Framework", which develops a framework to perform life-cycle planning.
Access the full report here
Who is NCHRP?
The National Cooperative Highway Research Program conducts research in problem areas that affect highway planning, design, construction, operation, and maintenance in the United States.
Administered under the Transportation Research Board (TRB), NCHRP is a collaborative effort between the Federal Highway Administration (FHWA) and the National Academy of Sciences.
What is TAM?
Transportation Asset Management is a strategic and systematic process of operating, maintaining, upgrading, and expanding physical assets effectively throughout their lifecycle.
It focuses on business and engineering practices for resource allocation and utilization, with the objective of better decision making based upon quality information and well defined objectives.
