Identifying and Managing Financial Risks in a Transportation Asset Management Plan (TAMP)
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2023-08-01
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Abstract:Transportation agencies strive to provide a safe and functional transportation system that delivers the highest possible level of service and enables the efficient movement of people and goods. Unexpected or unplanned events, such as revenue disruptions and natural hazards, can impact a State DOT’s ability to provide the desired level of service. Managing these uncertainties through risk management is an integral part of modern leadership practices and a key component to transportation asset management (TAM). Risk management is also one of the minimum requirements to include in a Transportation Asset Management Plan (TAMP) under 23 U.S.C.119(e). This report builds on information gathered from developing State Departments of Transportation case studies on identifying and managing financial risks. This report summarizes the common financial risks considered in State DOT TAMPs and how these factors influence the development of TAMP investment strategies. Approaches to managing these risks are provided with examples showing how State DOTs have put these strategies into practice. Finally, keys to success are provided. The document may be useful to State, local, and metropolitan transportation planning agencies interested in finding strategies that help reduce the negative impacts of financial uncertainty.
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