Description:
Transit asset management represents a strategic approach to managing transit assets. This course aims to instruct participants on how to implement this approach within their agency and is intended for those familiar with the general principles of asset management and their agency’s asset management practices. It focuses on an agency’s business processes for resource allocation and utilization with the objective of better decision-making based upon quality information and well-defined objectives. The “Enhancing your Transit Asset Management (TAM) Program with Lifecycle Management” course aims to help transit agency staff mature their TAM programs by going beyond the minimum TAM rule (49 C.F.R 625) requirements and incorporating lifecycle analysis to manage risk, minimize costs, and maximize the performance of assets. Course participants will learn effective practices for incorporating lifecycle management into their TAM programs and will apply their knowledge of TAM and lifecycle management in various activities to reinforce their learning.
Objectives:
- Enhance existing transit asset management programs by incorporating lifecycle management to make better transit asset investment decisions
- Practice methods for the three main components of lifecycle management: managing risk, minimizing cost, and maximizing performance
- Leverage these methods and existing agency asset management processes to support investment decision-making.
Audience:
Participants should be transit agency staff that are responsible for managing transit assets and be expected to make recommendations to their leadership about making asset lifecycle decisions. They should be well-versed in their transit agency’s asset information and asset management software, policies, and processes. Participants should also have reviewed the following FTA webinar recordings and other resources: