Abstract Manager

This paper/presentation will explore an innovative asset management optimization model that supports the distribution of funding across multiple asset categories to improve management decisions and includes algorithms to solve the general problem of meeting performance and risk targets within the constraints of the funding allocation. It also allows owners to evaluate the impact of different funding levels on system performance and risk metrics.

This problem is a complex three-level combinatorial problem: to estimate the performance of each asset, depending on the number of key performance and risk targets for each asset; to estimate the rehabilitation investment of all assets depending on the quantitative composition of groups of key performance indicators; to find such a distribution of funding of key performance indicators in groups to minimize the total investment in all assets while maximizing all key performance indicators.

The proposed algorithms solve the general problem of allocating funding to ensure that current assets are maintained, and the correct assets receive funding.  These objectives will rely more on emerging technologies.  This represents a move away from the worst first approach to a focus on asset condition optimization to mobility, safety, and resiliency. 

This innovative asset management technique to prioritize capital improvements projects is easily adopted by developing an optimization model. The technique also provides the flexibility to incorporate additional decision variables into the model that may be considered important by the decision makers. The modeling technique provides the ease and flexibility to assist managers and policy makers to make effective capital investment decision.