Framework for Objective Risk Assessment in Bridge Management

Many agencies have encountered difficulties in funding robust bridge risk management programs. Part of the problem may be the difficulty of communicating priorities between agencies and legislators; in particular, the lack of usable information for informing tradeoffs among alternative investments. To fill the funding gap, there may be a need to fill the communication gap. Risk incorporates the uncertainty of exogenous events which may adversely impact an agency’s ability to accomplish its program objectives. While uncertainty of events is a given, inclusion of risk in asset management is based on the concept that there are asset characteristics that can be measured and managed. In order to combine bridge risk assessment with other investment needs unrelated to bridges or risk, a common measurement scale for project benefits, tied to program objectives, would be very helpful. This can be defined by identifying objectives that all parts of the program share (such as safety), or by reducing all project benefits to dollars or some other common measure. The application of risk management methodology is closely tied to the needs of asset management business processes. These include needs identification, project benefit and cost estimation, priority setting, and resource allocation. This paper argues that appropriate measures can closely link risk management into existing asset management processes, and that the information produced in this form may be helpful to decision-makers responsible for allocating resources broadly across infrastructure categories in a statewide context.

Language

  • English

Media Info

  • Media Type: Digital/other
  • Features: Figures; References;
  • Pagination: pp 67-80
  • Monograph Title: Eleventh International Bridge and Structures Management Conference
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 01672043
  • Record Type: Publication
  • Files: TRIS, TRB, ATRI
  • Created Date: Jun 14 2018 9:04AM