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Pages 28-34

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From page 28...
... 28 The literature review, risk management primer, state of the practice summary, identification of tools and methodologies, and identification of constraints to adoption completed Phase I of the research effort. Based on those results, Phase II began with three steps: 1.
From page 29...
... Approach Followed for Study Selection and Testing 29   The deterministic and probabilistic analyses illustrate the effects that uncertainty and variability could have on long-term forecasts of asset conditions or variables that impact conditions such as revenues, inflation rates, deterioration rates, or unit costs. These analyses can also illustrate which variables have the greatest effect on forecasted outcomes.
From page 30...
... 30 Risk Assessment Techniques for Transportation Asset Management: Conduct of Research Study 4 and Study 7 address techniques to incorporate risk factors into a state DOT's existing BMS and PMS. Study 4 illustrates a technique for computing an asset-level risk index for forecasting risk of pavement flooding.
From page 31...
... Approach Followed for Study Selection and Testing 31   8.3 Tactics for Climate Change Risk and Resilience Two studies developed resources for transportation agencies to fill gaps in existing practice related to assessing and managing risks to transportation assets associated with climate change. The first study includes user-friendly guidance on how to transform the information collected in a typical climate change vulnerability assessment into risk information comparable to other risks.
From page 32...
... 32 Risk Assessment Techniques for Transportation Asset Management: Conduct of Research • DOT organizational unit engaged in the pilot • Who in the DOT could use the pilot and how • Benefit of the pilot for a DOT • Challenges in pilot study setup and use • Resources needed by the DOT to implement the pilot The protocols provide information to transportation agencies on the applicability of each study to their agency's asset risk needs. The protocols also satisfy state and federal asset management risk requirements.
From page 33...
... Approach Followed for Study Selection and Testing 33   to pavements) to ultimately provide guidance on how to move from risk assessment to risk management.
From page 34...
... 34 Risk Assessment Techniques for Transportation Asset Management: Conduct of Research Studies 3 through 8 achieve the project objectives by • Enhancing risk management techniques by using quantitative and analytical methods • Demonstrating effective processes for "multi-objective, cross-asset investment decisions under uncertainty" • Developing implementation guidance for including practical tools and techniques, as well as possible measures of asset resilience • Demonstrating both program-level and asset-level risk assessment • Building tools and techniques to measure resilience • Building on previous work by capitalizing on the NCHRP 20-07/Task 378 Final Report that demonstrated development of bridge utility indices Studies 9 and 10 use strategies and tactics to incorporate resilience in decisions related to highrisk assets. These studies include a decision tree for climate risk management strategies and a crosswalk between climate change vulnerability and asset management risk terminologies.

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