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Pages 42-47

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From page 42...
... 42 Incorporating Maintenance into Risk Management Background Federal regulations define risk management as "the processes and framework for managing potential risks including identifying, analyzing, evaluating, and addressing the risks to assets and system performance" (23 CFR 515.5)
From page 43...
... Incorporating Maintenance into Risk Management 43   SOURCE: Adapted from Proctor et al.
From page 44...
... 44 A Guide to Incorporating Maintenance Costs into a Transportation Asset Management Plan stakeholders. e key is to take well-reasoned risks in which the rewards are likely to outweigh the negative consequences, such as trying new materials and construction techniques to lower costs or improve quality.
From page 45...
... Incorporating Maintenance into Risk Management 45   with extreme weather. This includes events such as heat waves, floods, and storm surges that can affect the condition and performance of the NHS.
From page 46...
... 46 A Guide to Incorporating Maintenance Costs into a Transportation Asset Management Plan Mitigating the Risk of Long-Term Change or Trends Numerous change-related risks can impact how an agency incorporates maintenance costs into its risk management process. While the foundation for asset maintenance and preservation is to extend the life of the asset by proactively applying the right treatment in the right place at the right time, an agency's ability to apply those treatments can vary with time.
From page 47...
... Incorporating Maintenance into Risk Management 47   Example: Florida DOT's Mitigation of Facilities Damaged by Multiple Emergency Events Florida DOT (FDOT) relies on state funds for maintenance revenue sources in the TAMP, and maintenance work is completely funded with state revenue sources, regardless of work type.

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