Risk-Based Corridor Asset Management: Applying Multiattribute Utility Theory to Manage Multiple Assets

Simultaneous consideration of various types of assets and investment objectives for the purpose of allocating resources more efficiently can improve the systemwide performance of the transportation system. Various studies have been conducted on the development of management systems such as those for pavements, signs, mobility, safety, and preservation. However, not as many studies specifically investigate the synergistic effects of these systems on transportation system performance. This paper develops a multiattribute utility model that identifies high-risk corridors in a transportation system for prioritization on the basis of multiple objectives and various assets. Three objectives are used in evaluating the performance of the system: minimizing the number of incidents, maximizing mobility, and improving preservation of assets. The methodology is generally applicable to system-level management of transportation systems. The model is applied to a selected corridor in the state of Georgia. Results illustrate that the developed model can aid transportation agencies in identifying high-risk corridors that degrade the performance of their transportation system. This model can be used in identifying high-risk corridors during program development.

• Record URL:
  https://doi.org/10.3141/2354-10
• Summary URL:
  http://scholar.google.com/scholar_lookup?title=Risk-Based+Corridor+Asset+Management%3a+Applying+Multiattribute+Utility+Theory+to+Manage+Multiple+Assets&author=R.+Boadi&author=A.+Amekudzi&publication_year=2013
• Availability:
  • Find a library where document is available. Order URL: http://www.trb.org/Main/Blurbs/169731.aspx
• Authors:
  • Boadi, Richard S
  • Amekudzi, Adjo A
• Publication Date: 2013

Language

• English

Media Info

• Media Type: Print
• Features: Figures; References; Tables;
• Pagination: pp 99–106
• Monograph Title: Travel Surveys; Asset Management; and Freight Data 2013
• Serial:
  • Transportation Research Record: Journal of the Transportation Research Board
  • Issue Number: 2354
  • Publisher: Transportation Research Board
  • ISSN: 0361-1981

Subject/Index Terms

• TRT Terms: Asset management; Risk assessment; Strategic planning; Transportation corridors; Utility theory
• Geographic Terms: Georgia
• Subject Areas: Administration and Management; Highways; Planning and Forecasting; I10: Economics and Administration; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01476077
• Record Type: Publication
• ISBN: 9780309286701
• Report/Paper Numbers: 13-3319
• Files: TRIS, TRB, ATRI
• Created Date: Mar 18 2013 9:10AM