Asset Valuation: A Performance Measure for Comprehensive Infrastructure Asset Management

Asset Valuation: A Performance Measure for Comprehensive Infrastructure Asset Management
گرایش موضوعی
صنایع مرتبط
Zaid Alyami
استاد راهنما
Susan Tighe
استاد مشاور
University of Waterloo
مقطع تحصیلی
رشته تحصیلی
Civil Engineering
سال تألیف
۲۰۱۷ میلادی
تعداد صفحات
Asset valuation is an essential component of effective asset management. It is an important method to
demonstrate proper management of public assets and effective utilization of government’s budgets.
Several government regulatory bodies mandate agencies to report their Tangible Capital Assets’ (TCA)
values within their annual statement. For example, the Canadian Public Sector Accounting Board
(PSAB), the Governmental Accounting Standard Board (GASB) and the New Zealand International
Financial Reporting Standards (NZ IFRS), to name a few.
Although some limited research has been conducted on incorporating asset value into asset
management systems, there is no comprehensive work done to date to incorporate asset valuation in
asset management. An integration method is imperative to manage assets in the most optimized costeffective ways while maintaining or enhancing the value of these assets. Integrating asset value in asset
management strengthens the asset management framework by integrating financial and engineering
reporting. In addition, agencies have traditionally made investment decisions for individual assets
separately. Independent management systems have traditionally been developed to manage assets, in
particular pavements and bridges, the two main transportation assets. The lack of integration between
management systems may be due to restrictions associated with funding and/or limitations to the
agency’s ability to compare data objectively across asset types. Deciding how to best allocate limited
resources across these various asset classes to provide acceptable performance poses a persistent and
difficult challenge for agencies. Asset value holds a great promise to be incorporated in asset
management as a performance measure that translates infrastructure condition in monetary terms that
can be easily communicated and understood by the stakeholders (agency, policy makers, users, etc.).
Therefore, asset value can be viewed as a common performance measure for integration mechanism
between competing asset management systems.
The objective of this research is to develop a methodology that integrates asset value as a performance
measure in asset management decision making. This thesis introduces an asset management
methodology that aims to arrive at an optimum value-based asset management plan of maintaining
infrastructure assets taking into account budgetary and performance constraints. To achieve this
objective, an Asset Value Index (AVI) that integrates asset value and value-driver performance
measures and associated thresholds and Level of Service (LOS) requirements is proposed. The MultiAttribute Utility Theory (MAUT) is used to develop the proposed AVI. In order to incorporate asset
value in asset management and develop the AVI, a comprehensive and analytical analysis of various
asset valuation methods is conducted. Based on the analysis, challenges of incorporating asset
management are identified and addressed by the proposed Asset Value Loss ratio (AVL) as an
integration means.
To demonstrate the proposed methodology, a case study from the Ministry of Transportation of Ontario
(MTO) second generation Pavement Management System (PMS2) is presented. An overview of MTO
road assets network is presented and analyzed. In addition, the various components of the proposed
methodology are demonstrated through the case study. Furthermore, the outcome of the implementation
of the proposed AVI is compared to optimization output, Do-Nothing output as well as needs
assessment output. Furthermore, building on the proposed methodology presented, a value-based cross
asset management methodology is presented using the AVI as a common integration measure. A case
study of pavements and bridges based on data obtained from the 7th International Conference of
Managing Pavement Assets (ICMPA 7) is used to illustrate the proposed methodology.
نسخه کامل
کد شناسه
۱۳۹۸-۲-۱۴ ۱۵:۱۴:۰۸ +۰۰:۰۰