| Title |
A Study on Asset Valuation Method for Road Facilities Maintenance |
| Authors |
An, Jae-Min ; Park, Jong-Bum ; Lee, Dong-Youl ; Lee, Min-Jae |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2012.13.4.141 |
| Keywords |
Road Facilities ; Asset Management ; Asset Valuation |
| Abstract |
Infrastructure are the essential element in the country for they are the basic facilities forming the basis of economic activity. In Korea Infrastructure which are subject to the management of government are increasing annually, and subsequently the budget of maintenance costs is expected to rise significantly. For the effective management of the constructed and accumulated infrastructure, the integrated management of the future assets will be needed which includes the determination of the asset status, management subjects, and the location, the maintenance of their performance and state, and the prediction of the cost required to increase their useful lifetime. However, in the domestic cases the road facilities valuation has not been done systematically, and the preparation and research on this is scarce. Thus, the systematic procedure for the road facilities valuation is required. In this paper the following study was conducted to derive the reasonable asset valuation methods. First, the valuation methods was investigated and summarized throughout the domestic and international research literature. Second, to apply the investigated valuation methods to the road facilities the valuation process that reflects domestic conditions and characteristics has been developed. Third, a working Bridge, Highways, and General national ways were applied to the general valuation process, and the results were analyzed. As a final step a schematic diagram of the asset management support by WDRC valuation method was presented. |