Asset Investment Planning and Optimization Methodology in Consideration of Asset Lifecycles: Port Authority of New York and New Jersey Case Study

Abstract

This paper demonstrates the application of predictive analytics, asset lifecycle planning, and optimization techniques to support multi-year investment planning, trade-off analysis, and optimized budget allocation strategies. The implementation of these techniques aimed to enhance the Port Authority of New York and New Jersey, U.S., (PANYNJ)’s asset lifecycle modeling and investment planning decisions, aligning with state of good repair objectives and ensuring long-term sustainability and performance of the agency’s asset portfolio. The validation of the proposed asset investment planning (AIP) methodology was performed by involving 44 bridge structures, with a specific focus on the deck and joint elements. Asset lifecycle models, treatment strategies, and methods for assessing and forecasting asset performance and risk measures were developed. An innovative multi-objective optimization algorithm was employed to minimize risk, maximize performance, and minimize costs within defined funding and performance constraints. The project successfully demonstrated the AIP methodology’s application using the sample of PANYNJ assets.