Multi-Objective Approaches to Cross-Asset Resource Allocation in Transportation Asset Management

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Infrastructure asset management is emerging as a major means for improving the management of transportation facilities, and minimizing the impacts of budget reductions. The main characteristics of this approach, as it has been designed in some standards[1], are the "holistic" point of view, including all sub-assets, the orientation to transportation policy and goals, the transparency/communication to stakeholders and the consideration of risks (risk analysis). Therefore, allocating limited resources across investment categories, provided that objectives/goals are linked with the transportation planning and programming, is one of the main activities in transportation infrastructure asset management. As transportation organizations approach high maturity levels of asset management processes, they look to performance-based cross-asset tradeoffs and optimization as the next generation of innovation to improve their transparency, credibility, and decision-making.