OBJECTIVE

Determining the value of a transportation agency’s physical assets is important for both financial reporting and transportation asset management (TAM). In financial reporting, determining asset value is a fundamental step in preparing a balance sheet for financial statements to inform regulators and investors. For TAM, presenting data on the value of physical assets, such as pavement, bridges, and facilities, communicates what an organization owns and what it must maintain. Furthermore, information about asset value and how it is changing can help establish how the organization is maintaining its asset inventory and helps support investment decisions.

NCHRP Web-Only Document 335: A Guide to Computation and Use of System-Level Valuation of Transportation Assets (the asset valuation guide) (2022), details how to calculate asset value and use it to support application in TAM. This guide is intended as a companion publication to the AASHTO Transportation Asset Management Guide: A Focus on Implementation, 2nd Edition, and is accompanied by a web tool with an online version of the guidance. The guidance was developed to provide immediate support to highway and transit agencies developing their 2022 TAMPs, and to provide continuing support for other TAM-related applications.

NCHRP 20-44(46) will promote and support further use of the asset valuation guide through the development and dissemination of outreach materials that provides an overview of the guide, through case studies, and supplemental tools and worksheets. The results of this project will be added to the web-based version of the asset valuation guidance and subsequent versions of the Asset Valuation Guide.

TASKS

The project will be delivered through the fulfillment of the following tasks:

1. Develop an amplified work plan and develop and disseminate an initial set of outreach materials to summarize and promote the asset valuation guide.
2. Develop criteria to identify potential pilot participants in response to the outreach activities conducted in Task 1 and finalize the list of participants in conjunction with the project panel.
3. Conduct a set of 6 implementation pilots with a variety of transportation agencies demonstrating the implementation of the products developed through NCHRP Project 23-06.
4. Develop a set of case studies summarizing the work performed through the pilots in Task 3, and that will describe the asset valuation practices used in the pilots in sufficient detail to support technology transfer to other agencies.
5. Develop supplemental materials to assist in implementing the asset valuation guide, including one or more types of communications materials to support research implementation.
6. Prepare a conduct of research report that documents the results of the project accompanied by appropriate presentation materials and an action plan that describes potential subsequent activities.