Risk assessment in life-cycle costing for road asset management

Piyatrapoomi, Noppadol and Kumar, Arun and Robertson, Neil and Weligamage, Justin (2004) Risk assessment in life-cycle costing for road asset management. [Conference Paper]

Abstract

Queensland Department of Main Roads, Australia, spends approximately A$ 1 billion annually for road infrastructure asset management. To effectively manage road infrastructure, firstly road agencies not only need to optimise the expenditure for data collection, but at the same time, not jeopardise the reliability in using the optimised data to predict maintenance and rehabilitation costs. Secondly, road agencies need to accurately predict the deterioration rates of infrastructures to reflect local conditions so that the budget estimates could be accurately estimated. And finally, the prediction of budgets for maintenance and rehabilitation must provide a certain degree of reliability. This paper presents the results of case studies in using the probability-based method for an integrated approach (i.e. assessing optimal costs of pavement strength data collection; calibrating deterioration prediction models that suit local condition and assessing risk-adjusted budget estimates for road maintenance and rehabilitation for assessing life-cycle budget estimates). The probability concept is opening the path to having the means to predict life-cycle maintenance and rehabilitation budget estimates that have a known probability of success (e.g. produce budget estimates for a project life-cycle cost with 5% probability of exceeding). The paper also presents a conceptual decision-making framework in the form of risk mapping in which the life-cycle budget/cost investment could be considered in conjunction with social, environmental and political issues.

Additional Information

Item Type: Conference Paper
Collection: CRC for Construction Innovation
Keywords: CRC for Construction Innovation; Program C : Delivery Management of Built Assets; Project 2001-010-C : Investment Decision Framework for Infrastructure Asset management
Date Deposited: 11 Mar 2014 03:17
Last Modified: 27 Apr 2016 06:40
Copyright Owner: Copyright 2004 Icon.Net Pty Ltd
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URI: https://digitalcollections.qut.edu.au//id/eprint/1912
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