Definitions and Key Terms
It is important to establish key terms that are used throughout the Guide. While many of these terms have multiple or nuanced definitions, the definitions listed here are the assumed meanings used in the context of this Guide.
The ratio of annual asset expenditures, omitting improvements, to the cost to maintain current value.
The process of calculating asset value.
The discounted stream of future benefits that the asset is expected to yield.
Note: This …
Practices and tools that enable access to and analysis of information to improve and optimize decisions and performance.
The structure that characterizes an organization and creates the potential to derive value, driven by clear goals and subs…
Activities that create, expand, improve, renew, or extend the service life of transportation infrastructure. Common types …
A comprehensive approach to change at an organizational level, seeking to address institutional and cultural barriers by a…
Condition-Based Maintenance Management
A maintenance approach in which maintenance activities are scheduled based on regularly-monitored performance. Typically, …
Limitation on available resources, such as a limit on an agency’s budget, available staff, or other resource.