Asset management

What is asset management?
Asset management is a strategic, risk-based approach to cost-effectively and efficiently manage the physical assets of Washington’s transportation system. The Washington State Department of Transportation uses transportation investment strategies to maintain and preserve our transportation system on an ongoing, systematic basis. Preserving the state’s transportation assets saves money while maximizing performance across the transportation network.

WSDOT has been using asset management planning for quite some time. Limited funds present challenges to perform routine maintenance and preservation activities while our assets continue to age and deteriorate. Long delays in funding preservation and maintenance might require costly reconstruction or replacement of an asset.

WSDOT considers asset management a key component of Practical Solutions, as a way to cost-effectively manage the physical assets of the transportation system.

What is WSDOT’s Transportation Asset Management Plan (TAMP)?

The TAMP provides a framework for making management and investment decisions in support of our transportation goals, legislative direction and federal Moving Ahead for Progress in the 21st Century, (MAP-21).

The TAMP is used to:

  • Identify performance measures and targets
  • Identify assets and their condition
  • Identify gaps between the existing condition and state performance targets
  • Perform lifecycle-cost and risk management analysis
  • Create a long term financial plan
  • Describe investment strategies to preserve the asset, using a Practical Solutions approach

All states are required to develop and submit a TAMP under federal MAP-21 requirements. 

States must submit their initial asset management plans for Federal Highway Administration review by April 30, 2018. State DOTs will then have until June 30, 2019, to submit an asset management plan meeting all requirements of federal code, 23 U.S.C. 119. There are penalty provisions that may apply if a state does not develop and implement an asset management plan consistent with federal rules, including reduced federal funding participation through the federal National Highway Performance Program.

Why is a Transportation Asset Management Plan important?

An asset management plan is a key management tool for state DOTs to make decisions about where and when to invest state and federal funds in the transportation system. The MAP-21 legislation establishes a performance-based highway program with a goal of improving how federal transportation funds are allocated in order to cost-effectively meet national transportation goals.

What are the next steps in asset management?

WSDOT has been actively engaged with reviewing and integrating best practices for asset management for all types of assets. This is occurring as part of the development and implementation of a Statewide Transportation Asset Management Plan (STAMP), which will provide a framework for making management and investment decisions across all of the agency’s transportation assets, not just pavements and bridges as required under MAP-21.

The STAMP is furthering WSDOT’s asset management approach in two key areas.  First, asset types that do not have a history of strong asset management are actively being developed to have independent asset management plans with robust processes.  Second, transportation assets are also viewed as a system or network. This systems approach will facilitate investment trade-off decisions across all assets in order to cost-effectively maximize the performance of the transportation network.

As WSDOT implements asset management in 2017 and beyond, look for this page to be updated with information such as completed asset management plans, WSDOT’s TAMP, and more.