Asset Management Literature Review and Potential Applications of Simulation, Optimization, and Decision Analysis Techniques for Right-of-Way and Transportation Planning and Programming (0-5534-1)

This report documents the work performed during phase one of Project 0-5534, "Asset Management--Texas Style." The overall purpose of the research is to develop state-of-the-practice asset management methodologies for the Texas Department of Transportation (TxDOT). These methodologies will support current decision-making process for allocating funds to the different asset categories managed by TxDOT. During the first year of this project, the specific research focus area was resource allocation decisions regarding advance acquisition of right-of-way and the construction of new highway capacity facilities. Simulation, optimization, and decision analysis methodologies were explored for examining the trade-offs between using funds for these two alternative purposes.