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Asset management is an emerging practice by which agencies use data to make better business decisions. Asset management is an optimized approach to managing critical assets, throughout their lifecycle, to deliver an organization's strategic objectives.
Recent federal legislation established requirements for transit agencies to develop an asset management plan, track, and report on the condition of their assets. VRE's transit asset management program will not only meet Federal requirements, but will also allow VRE to improve operational efficiency, maintain assets in a State of Good Repair, and make data-driven decisions regarding improvements and capital expenditures.
VRE's asset management program includes the following:
- Inventory of VRE's assets
- Guidelines and forms for asset management methodologies and procedures
- Condition assessment of assets
- Performance targets set annually
- Strategies for meeting targets
- Transit asset management and State of Good Repair Policy
- Formal Transit Asset Management Plan that will be updated every four years
- Prioritization process for State of Good Repair improvements
- Identified prioritization of investments
- Methods for tracking performance and progress