| The main approach of this research is to review the current Asset Management tools, including inventory, condition assessment and performance modeling, and then customize these for use in small transportation agencies. Then the Markov Decision Chain is utilized to fit the deterministic performance curve of transportation infrastructure, and then build an optimization model based on the Markov Decision Process theory. The math models will assist small transportation agencies in managing their infrastructure investment which addressing GASB34 requirements. The solution of this mathematical model is based on the Linear Programming Theory. Fortran 77 is used for programming and calculation. This newly developed asset management system was implemented for the Missouri Cole County Public Works Department. |
