Investment decision framework for infrastructure asset management: a probability-based approach

Piyatrapoomi, Noppadol and Kumar, Arun and Robertson, Neil and Weligamage, Justin (2004) Investment decision framework for infrastructure asset management: a probability-based approach. [Report]

Abstract

Australia’s civil infrastructure assets of roads, bridges, railways, buildings and other structures are worth billions of dollars. Road assets alone are valued at around A$ 140 billion. As the condition of assets deteriorate over time, close to A$10 billion is spent annually in asset maintenance on Australia's roads, or the equivalent of A$27 million per day. To effectively manage road infrastructures, firstly, road agencies need to optimise the expenditure for asset 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. A procedure for assessing investment decision for road asset management has been developed. The procedure includes: • A methodology for optimising asset data collection; • A methodology for calibrating deterioration prediction models; • A methodology for assessing risk-adjusted estimates for life-cycle cost estimates. • A decision framework in the form of risk map

Additional Information

Item Type: Report
Collection: CRC for Construction Innovation
Keywords: CRC for Construction Innovation; Program C : Delivery Management of Built Assets; Project 2005-001-C : Delivery and Management of Built Assets
Date Deposited: 11 Mar 2014 03:17
Last Modified: 11 Mar 2014 03:20
Copyright Owner: Copyright 2004 Icon.Net Pty Ltd
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URI: https://digitalcollections.qut.edu.au//id/eprint/1930
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