Assessment of Resource Allocation and Tradeoff Analysis Approaches in Transportation Asset Management

Abstract

Transportation asset management (TAM) practices continue to grow and to develop as transportation agencies seek to make more objective and defensible decisions, as well as responding to recent legislation. One primary goal of TAM is to provide a structure in which decisions on how to distribute resources across many disparate assets can be made using a systematic process. Resource allocation is analogous to multi-objective optimization, and thus presents the complication that many potential optimal solutions (i.e., a Pareto set) can be found. To solve the multi-objective resource allocation problem, many approaches have been recommended, such as the use of utility theory and weighting functions to express preferences that result in a single solution being selected. This paper discusses those recommendations, as well as describing the current state of the resource allocation process in an effort to identify gaps in practice and, in turn, to provide recommendations for addressing those gaps. First, the process of cross-asset resource allocation is deconstructed to highlight the key steps. Then, current practices identified from the literature, as well as from interviews with five State agencies are discussed. Finally, a set of recommendations for improving resource allocation and the supporting processes within resource allocation are presented.