Transit Asset Management: Track, Maintain, Report on Transit Asset Inventory and Condition
Federal Transit Administration issued a Final Rule, 49 CFR Parts 625 and 630, effective on Oct. 1, 2016. This rule establishes minimum Federal requirements for transit asset management (TAM). TAM plans must include an asset inventory, condition assessments of inventoried assets, and a prioritized list of investments to improve the state of good repair of their capital assets.
The goal for transit asset management is to improve State of Good Repair (SGA). Transit Authorities need to set a prioritized list of investment improvement to improve SGA.
In order to improve SGA, Transit Authorities need manage up to date information about transit assets
- Review condition of assets
- Have a complete and up to date asset inventory information
- Capture all usage, maintenance, and repair information to assess current asset condition
- Analyze historical data to predict future asset conditions
In a 2010 study released by the Federal Transit Administration, the current condition of the Nation’s Transit Infrastructure is described as:
“Up to one-third of heavy rail and motor bus assets have either exceeded or are close to the end of their useful lives… The highest reinvestment needs are projected to be in the following areas (listed in decreasing order): heavy rail and motor bus vehicles; heavy rail stations, systems and guideway components; and bus maintenance facilities…Based on projections developed using TERM, $10.7 billion is needed to bring all transit modes nationally to a SGR (State of Good Repair).”
How the eQuip! Asset Inventory Management system supports Transit Asset Management:
- Track Asset Inventory — What, Where, Who (i.e. Custody), Warranty, Contract, etc.
- Track Asset Usage and Condition Status
- Track Asset Maintenance History and Costs
- Manage Work Orders — projects, costs, parts, labor
- Monitor Asset Condition
- Generate Reports for Decision Support Analytics
To support Transit Asset Management, currently no exiting commercial off the shelf (COTS) system will satisfy all the requirements. This is the conclusion of Federal Transit Administration, after it has conducted extensive research, including interviews with more than 10 major U.S. and International transit agencies.
But eQuip! is the most flexible asset inventory management system that can be cost efficiently configured to support transit asset management. If you want to know why, please click here to download our latest white paper: “How to Meet the Requirements from 49 CFR Parts 625 and 630 – Transit Asset Management“