An asset inventory provides information other than performance data important for estimating the amount of work needed, identifying the location of work in the field and determining characteristics capable of influencing the type of work to be performed. The LCM approach introduced in Chapter 4 can be used to help an agency determine what information is needed to support the management of each type of asset. The asset inventory requirements for those assets managed based on a specified interval for repair, such as pavement markings, is very different than those required for an asset managed using a condition-based approach, such as pavements or bridges. Regardless of how detailed the asset inventory is, it is important an agency establish processes to ensure data quality and keep the inventory current over time.
There are several basic data attributes essential to effectively managing transportation assets, including asset type, quantity and location. Additional information that is important is to differentiate between the types of work to be performed, which may also be added to the inventory, the type of material used to construct the asset, the last time work was performed and factors influencing the use of the asset (e.g. traffic levels, highway functional classification or climatic conditions).
As discussed in Chapter 7, managing asset inventory information using an integrated approach to data management helps promote consistency in asset data across an agency and provides access to help ensure the data is used by decision makers at all levels of the organization. An out-of-date inventory makes it difficult for an agency to estimate work quantities accurately for budgeting purposes.