FHWA Principles of Asset Management
FHWA has defined a number of basic principles for asset management as listed below. All of these ideas work together to help an agency make decisions to better address their infrastructure needs. Asset management should be:
Policy driven. Decisions reflect policy goals and objectives that define desired system condition and service levels.
Performance based. Performance information is used to establish target levels, to allocate funding, and to monitor progress.
Risk based. Risk management is used to identify, analyze, evaluate and address the risks to assets and system performance.
Option oriented. Comprehensive choices and trade-offs are examined at each level of decision making.
Data driven. Management systems and tools that utilize quality data are used to support decisions.
Transparent. There are clear criteria for making decisions.