Abstract
AbstractThe 2012 transportation bill, Moving Ahead for Progress in the 21st Century, formalizes the application of risk management in transportation asset management decision making. The bill requires departments of transportation to have a formal risk management plan for the national highway system. When carried out successfully, risk planning can be a very powerful framework to effectively and efficiently manage transportation infrastructure. However, if there is lack of experience with and insight into risk planning, it can go wrong, leading to a counterproductive plan that contributes to ineffectiveness and inefficiencies in the organization and transportation system and to wasted resources. This paper reviews a broad spectrum of literature on risk methods and applications to identify and discuss some common pitfalls—failure to communicate, failure to monitor, proportionality, failure to involve knowledgeable individuals. It synthesizes the results for purposeful use in transportation asset management...
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
