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4 NCHRP 08-118 had the following objectives: 1. Develop enhanced techniques to consider and evaluate asset management-related risks as part of investment decision-making practices, including qualitative, quantitative, and ana- lytical methodsâbuilding on and aligning with previous and continuing research efforts in the areas of transportation asset management and risk management; 2. Review effective processes to determine how existing and potential approaches can be used when integrating enterprise-, network-, and program-level risk analysis. Alternative approaches should address how state departments of transportation make multi-objective, cross-asset investment decisions under uncertainty to best support national, state, and local asset perfor- mance goals for pavements, bridges, and other assets; 3. Develop strategies and procedures for risk mitigation and response with applicable tools and tracking mechanisms for transportation agencies to improve risk assessment in existing and evolving asset management business processes; and 4. Develop implementation guidance, including practical tools and techniques for incorporating risk and uncertainty, as well as possible measures of asset resilience that can be integrated into risk assessment procedures in support of national, state, and local asset performance goals. There were two project phases. The tasks of Phase I were the following: â¢ Incorporate results from a review of available literature, ongoing research, legislative require- ments, and state of the practice for risk assessment into a set of possible approaches for managing transportation assets more effectively, including identifying gaps in current procedures. â¢ Identify and assess potential approaches and techniques for enterprise-, network-, and program- level risk assessment to develop procedures and strategies for improving existing asset man- agement decisions in support of project objectives. Potential approaches should address how state DOTs make multi-objective, cross-asset investment decisions under uncertainty in sup- port of national, state, and local asset performance goals for pavements, bridges, and other assets. â¢ Identify potential constraints and barriers to implementation and steps to address them. The tasks of Phase II were the following: â¢ Based on the conclusions of Phase I, develop improved strategies and tools for risk-based asset management and prepare draft implementation guidance. â¢ Conduct a set of test scenarios with three or more state DOTs using the draft implementation guidance and associated tools. Summarize lessons learned and present recommended changes and improvements to the guidance and tools as appropriate. â¢ Prepare draft and final reports and supporting materials detailing the results of the research. S E C T I O N 2 Research Objectives