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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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Department of Transportation
P.O. Box 600
Trenton, NJ 08625-0600
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Last Updated: May 17, 2010
