The process of asset management enables the whole of the highway infrastructure to be considered through a structured approach and in the context of other policies and standards which effect the work of a highway authority.

In order to implement good asset management, a highway authority needs to establish an inventory of the assets for which it is responsible, determine the levels of service to fulfil its statutory obligations and demand aspirations, and then identify the optimal methods for their delivery, taking into consideration both the risks associated with asset and budgetary constraints.

Performance measurement and monitoring is an important part of the process and includes the valuation requirements set out in the recently published CIPFA ‘Code of Practice on Transport Infrastructure Assets’.