Infrastructure asset management involves the development and lifecycle plan of physical assets, such as roads, bridges, and public buildings. It includes research, forecasting, and security management to ensure proper maintenance and adaptation to changing circumstances. Without it, infrastructure systems can be unstable and lead to disasters.
Infrastructure asset management refers to the development and lifecycle plan of the physical assets of the infrastructure. Every phase of an infrastructure asset’s life, from its initial design plan to long-term replacement or repair, is considered part of infrastructure asset management. Without proper infrastructure resource management, infrastructure systems will be inherently unstable, leading to the possibility of disasters.
A physical infrastructure asset is a foundational building block for the company. Roads, bridges, sewage systems, and power plants are all kinds of infrastructure assets. Social goods, such as hospitals and public schools, are also considered in this category. Buildings that are used for public or public purposes, such as courthouses or government-owned exhibition venues, can also be infrastructure assets. The primary mandate of infrastructure asset management is to ensure that these assets are built and maintained appropriately.
A great deal of research, development and forecasting is used in the infrastructure asset management process. For the construction of a new public road, a government cannot simply design a project, hire construction workers and then forget the whole problem. Asset management includes consideration of issues such as the rate of deterioration, funds for future repairs, the possibility of expansion in the event of a significant increase in population, and the impact of the road on the life and safety of nearby residents. Officials need to determine how long the road will last and how to ensure it lasts as long as expected. They also need to determine how the road will be repaired or replaced once it reaches its end of life.
Implementing security and testing plans is often essential to effective infrastructure resource management. If a government builds a new water pipeline, it must conduct regular tests to ensure that the water is potable and that the pipelines are properly and skillfully managing the flow of water through the pipes. Without a mechanism for periodic safety checks, officials may not be aware of a defect or deterioration until a disaster strikes.
In addition to security management, government officials can help manage infrastructure assets through periodic reassessment. If a huge expansive population has led to unbelievable traffic jams on public roadways, a committee may need to revise the lifetime maintenance plan to accommodate the new circumstances. Similarly, if a recession causes a large government department to be laid off, infrastructure planners may want to consider consolidating office space and selling off now-vacant public buildings in order to conserve resources. An ability to adapt and respond to changing societal circumstances can be critical to the continued utility of public goods.
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