Investment decision framework for infrastructure asset management: a probability-based approach
Piyatrapoomi , Noppadol , Kumar, Arun , Robertson , Neil , & Weligamage , Justin (2004) Investment decision framework for infrastructure asset management: a probability-based approach. CRC for Construction Innovation, Brisbane.
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
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|Keywords:||CRC for Construction Innovation, Program C : Delivery Management of Built Assets , Project 2005-001-C : Delivery and Management of Built Assets|
|Divisions:||Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Past > Schools > School of Urban Development
|Copyright Owner:||Copyright 2004 Icon.Net Pty Ltd|
|Copyright Statement:||The Participants of the CRC for Construction Innovation have delegated authority to the CEO of the CRC to give Participants permission to publish material created by the CRC for Construction Innovation. This delegation is contained in Clause 30 of the Agreement for the Establishment and Operation of the Cooperative Research Centre for Construction Innovation. The CEO of the CRC for Construction Innovation gives permission to the Queensland University of Technology to publish the papers/publications provided in the collection in QUT ePrints provided that the publications are published in full. Icon.Net Pty Ltd retains copyright to the publications. Any other usage is prohibited without the express permission of the CEO of the CRC. The CRC warrants that Icon.Net Pty Ltd holds copyright to all papers/reports/publications produced by the CRC for Construction Innovation.|
|Deposited On:||19 Aug 2009 01:36|
|Last Modified:||10 Aug 2011 18:14|
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