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Asset Management
Overview
The Federal
Highway Administration defines Asset Management as a “systematic cost-effective process of maintaining, upgrading and operating physical
assets.” The approach supports and complements the New Jersey Department of Transportation’s (NJDOT) federal and state mandated investment
planning documents, including the 10 Year Capital Investment Strategy, the 10 Year Capital Transportation Improvement Program, the Annual
Transportation Capital Program, and the Annual Study and Development Program.
The New Jersey Department of Transportation (NJDOT) adopted Asset Management as the official, institutional approach to managing its
infrastructure assets and making capital investment decisions in January, 2008. With the current economy, and the need to spend public dollars
wisely, Asset Management policy and practice are a high priority at NJDOT. It is important to ensure accountability, performance measurement,
and transparency. Asset Management practice helps to achieve these goals. With the promulgation of NJDOT’s
Asset Management Policy (pdf 203k), an
Asset Management Steering Committee was established.
The NJDOT has taken a two-step approach to implement and advance Asset Management:
- Developed an Asset Management Plan for NJDOT assets containing an inventory of specific assets, their condition, performance targets and
a plan of how to achieve these targets through a mix of investments.
- Advanced an Asset Management Improvement Strategy that examined NJDOT’s proficiency and maturity in Asset Management practice,
identified strengths and weaknesses, looked at methodologies and practices, and set goals and objectives for improvement.
Asset Management is being adopted in other agencies that manage large infrastructure assets, including water and sewage authorities and public
transit agencies. Nationally, the
Federal
Highway Administration FHWA maintains an Office of Asset Management, and the
American
Association of State Highway and Transportation Officials consider Asset Management critical for making sound and practical
capital spending decisions.
There is a file above that is listed in Portable Document Format (PDF). You will need Adobe Acrobat Reader to view this file. It is available
free from our
state
Adobe Access page.
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