PURPOSES: This study proposes the road asset valuation approach using alternative depreciation methods. It has become necessary to have asset management system according to the adoption of accrual basis accounting for governmental financial reporting and the amendment of the road act. Therefore, it is very important to analyze the effect of depreciation methods on road asset value as a basic research for road asset management system. METHODS: The Ministry of Strategy and Finance (MOSF) has mainly performed road asset valuation based on Write down Replacement Cost and Straight Line depreciation method. This study suggests some appropriate asset valuation methods for road assets through case analysis using three depreciation methods: Consumption-based depreciation method, Condition-based depreciation method, and Straight Line depreciation method. A road asset valuation data of national highway route 1 (year 2014) is used to analyze the effect of three depreciation methods on the road asset value. Road assets include land and structures (pavement, bridge, and tunnel). This study mainly focuses on structures such as bridges and tunnels, because according to governmental accounting standards, land and road pavement assets do not depreciate. RESULTS : The main results of this study are as follows. Firstly, overall asset value of national highway route 1 was estimated at 6.97 trillion KRW when MOSF's method (straight-line depreciation method) is applied. Secondly, asset value was estimated at 4.85 trillion KRW on application of consumption-based depreciation method. Thirdly, asset value was estimated at 4.37 trillion KRW when condition-based depreciation method is applied. Therefore, either consumption-based or condition-based depreciation methods would be more appropriate than straight-line depreciation method if we can use the condition data of road assets including land that are available in real time. CONCLUSIONS : Since road assets such as pavements, bridges, and tunnels have various patterns of deterioration and condition monitoring period, it is necessary to consider a specific valuation method according to the condition of each road asset. Firstly, even though road pavements do not depreciate, asset valuation through condition-based depreciation method would be more appropriate when requirements for application of non-depreciation approach are not satisfied. Since bridge and tunnel facilities show various patterns of deterioration and condition monitoring period by type and condition level, consumption-based depreciation method based on deterioration model would be appropriate. Therefore, it is necessary to have a reasonable asset management system to apply condition-based depreciation method and a periodic condition investigation to manage road assets well.

PURPOSES: This paper aims at the implementation of a balanced scorecard that can be widely applied to modern business management for use in the public road management sector. METHODS: This study applied the newly developed LOS-based balanced scorecard system instead of a traditional Key Performance Index (KPI) for better decision making in asset management planning. As an evaluation technique, a“ hierarchical alignment and cascading method” is also suggested. Finally, the suggested system has been empirically applied to a regional government. RESULTS : To provide stable and sustainable road services, the balanced scorecard informs the regional government of needed improvements in its asset management plans regarding budget optimization, structural management, the development of inner-business processes, and human resources. CONCLUSIONS : An LOS-based balanced scorecard for managing road services and organizations in a quantitative manner has been successfully developed and tested through a field study. The developed scorecard is a timely topic and a useful analytical tool for coping with the new phases of an aging infrastructure, tighter budgets, and demand for greater public accountability.

PURPOSES: The aim of this paper is developing user-oriented flexible Level Of Service (LOS) system for integrated asset management of various road facilities. It is essential to overcome limitations of general management systems which only focus on a type of assets (e.g. pavement, bridge etc.), and to serve a customizable LOS platform for smooth implementation and future improvement of the LOS considering various managerial environments of road agencies. METHODS: This study suggested a total framework of the LOS system as a process for self-development, operation and improvement of LOS system to conduct the PDCA (Plan-Do-Check-Act) in management process. In the process, we adopted user-customizable elements regarding asset definition, service index and evaluation method to match with the managerial environment of road agencies. In addition, we conducted an empirical study on the entire process of the suggested LOS system with a real road agency (Korea Express Highway) to prove applicability of the LOS system. RESULTS: From the empirical study, we confirmed that the suggested LOS system framework were suitable for development of customized LOS system. In addition, evaluation of asset conditions by LOS ratings, and quantification of vision achievement of the Korea Express Highway were successfully made. It would be the first trial in integrated management approach with LOS systems for numerous road facilities. CONCLUSIONS : It was recognized that easy application and sustainable improvement of the LOS was the most critical point in asset management. The suggested LOS system would be a powerful weapon as a managerial tool in preparing tight budget, aging infrastructures, and increased demands for more accountability both in Korea and internationally. Implementation of the LOS system needs to be expanded to the other infrastructure members to serve satisfactory level of service to taxpayers.

For efficient maintenance management of load facilities, an establishment of asset management system is necessary which helps prediction of maintenance cost and strategic allocation of budget in consideration of toy priority. The main purpose of this study is to suggest asset valuation method, which is practical in conformity with domestic situations, through researches on asset valuation method of load facilities. As a consequence, the management and maintenance system of existing highway facilities needed an innovation involving the concept of asset management. This study discusses the new facility management system suitable to local highway agencies. The new system incorporates asset management concept so that it can analyze the project level facility management solution and it can also improve the budget efficiency for local government. This study also presents systematic method to integrate various facilities for management system.

최근 사회기반시설물에 대한 공공투자는 신규건설에 대한 지출이 감소하고 유지관리분야에 대한 지출이 점진적으로 늘어나는 추세로 변화되고 있다. 이에 따라 해외 도로시설물에 대한 유지관리분야에서도 선진 개념인 자산관리 방법론이 접목되고 있으며, 보다 근본적인 시스템 개선이 요구되고 있다. 따라서 본 연구에서는 중소규모 도로관리주체에서 사용할 수 있는 자산관리개념의 유지관리 프로그램을 개발하여 예산편성의 효율성을 높이고, 도로망 전체를 고려한 네트워크 방식의 합리적인 유지보수 방안을 제시하고자 한다. 또한, 향후 다수의 시설물을 통합적으로 관리할 수 있는 체계 및 방법론을 정립하였다.