Development of Asset Management Evaluation Framework in Rail Transit Environment: London Underground Public-Private Partnership
ridership - commuting, policy - environment, economics - appraisal/evaluation, organisation - management, mode - rail
Risk management, Rail transit, Public private partnerships, Outsourcing, London Underground, Evaluation and assessment, Contracting out, Best practices, Asset management
In 2003 the London Underground was restructured, and the maintenance and renewal of the infrastructure, both fixed and rolling stock, were contracted to two private-sector consortia for 30 years. At the same time, the position of arbiter was established to oversee these contracts. The development of an asset management evaluation framework for the arbiter is presented. Asset management evaluation from around the world is reviewed, and approaches to measurement applied to such frameworks are discussed. The evaluation framework is explained, and suggestions are made regarding how the work may be developed further. The proposed approach to asset management evaluation is based on existing and recognized approaches to evaluation. It draws out 12 high-level elements that together make up good asset management. For each of these elements a number of key areas and supporting guidance are suggested. The framework also offers extensive guidance based on recognized asset management knowledge. The framework provides a maturity-based approach to evaluation, allowing measurement of asset management proficiency based on knowledge and competent professional judgment. This approach is equally suited to both self-assessment and third-party review, and although it has been developed for a rail transit environment, it could be applied in other sectors.
Adeney, William, Sinde, Asier, Woods, Michael, (2006). Development of Asset Management Evaluation Framework in Rail Transit Environment: London Underground Public-Private Partnership. Transportation Research Record: Journal of the Transportation Research Board, 1986, pp 21-28.