1.3.2 Asset Management Strategy

The asset management strategy (PIARC 2014) sets out what the long-term objectives of the organization are for managing its road infrastructure assets. It should also describe how they are met. The organization’s long-term objectives should include meeting its legal obligations, managing the requirements of road users, meeting the demands from central government and the organization itself, as well as summarizing the overall requirements for the performance of road infrastructure within the context of any constraints, such as funding.

The asset management strategy sets a clear direction for the implementation of asset management and provides a link with other relevant transportation and funding strategies (PIARC 2016), including those of donor agencies. It provides the basis for the organization to adopt asset management principles to achieve greater efficiency and value for money as well as improve the organization’s overall performance. It can also describe the economic benefits of investing in the maintenance of roads. The strategy also sets out how asset management activities are implemented, measured, and continuously improved.

In preparing its asset management strategy, the organization should undertake a thorough review of its key documents and plans and identify key statements and objectives such as transport goals and improvement of road condition. The organization’s review of its asset management framework, including delivery of the asset management strategy itself, performance requirements and work programmes, may also lead to the strategy including actions that improve current asset management practices.

The strategy should cover a number of aspects regarding the planning, delivery, and management of road infrastructure assets and how these are delivered over the short, medium, and long term. Typically, these aspects may include the following (PIARC 2016, PIARC 2017):

• Relevant strategic plans and transport objectives;
• Performance management, including levels of service;
• Road use needs and how these are managed;
• Future demands for the management of the asset and how these contribute to meeting; stakeholder expectations and needs;
• Meeting legal obligations, including maintaining a safe network;
• Long-term financial needs, including investment requirements;
• The process for making investment decisions and the priorities for funding;
• Identification of any critical assets and management of risk associated with those and all other assets;
• Findings from the implementation of performance monitoring;
• Initiatives undertaken to improve any asset management activities, such as adopting the self-assessment described in this guide;
• The strategy should be described in a concise document that those who are not engaged with the management of roads should be able to understand. It may be helpful to test and review this document with senior leaders in the organization;

The strategy should be prepared by the staff responsible for asset management. It must be supported by the senior leaders in the organization in a clear way and be endorsed by senior decision makers. Ideally, it should be a short standalone document that is concise and available to all those who have an interest in asset management. If the organization has a website, the strategy may be posted on it. The asset management strategy is a high-level document that takes a long-term view and will only need to be updated when there is a change in policy or approach or to reflect improvement actions undertaken following the maturity self-assessment.