Using a Risk-Based Approach to Develop a System-Wide Capital Improvement Program (CIP)
Abstract:Fixing our aging infrastructure with limited resources available to many municipalities across the nation is a daunting task that calls for a more creative approach. Faced with a myriad of problems with its sewerage system, the Town of Framingham, Massachusetts embarked on a novel approach to improve and sustain its aging infrastructure. Employing Asset Management tools, the Town and its consultants created a holistic way to assess each element of its system by objectively rating the risk of failure and consequence of failure. The product of these two variables was used to assign each asset a Utility Risk Factor (URF): a dimensionless, relative ranking of the need to improve the most vulnerable parts of the system. This formed the basis for creating a prioritized Capital Improvement Program (CIP), targeting the assets with the highest URF's so that the Town's expenditures are focused on improving those elements of the system that would cause the greatest adverse impact.
Document Type: Research Article
Publication date: 2008-01-01
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