Description of Figure 7-2

These generic asset management components are presented in a logical flow chart. The first element is "Goals and Policies that reflect Customer Input." This leads to Asset Inventory, then to Condition Assessment and Performance Modeling. The next step is Alternatives Evaluation and Program Optimization. At this point, "Budget and Allocations" is another input into this "Alternatives Evaluation" and the "Budget and Allocations" also loops back to be an input in the first cell of "Goals and Policies." Following the "Alternatives Evaluation" is "Short and Long Range Plans or Project Selection." "Program Implementation" follows this and finally "Performance Monitoring" is the last component of the flow chart. The "Program Implementation" component loops back to be an input of the "Alternatives Assessment" and the "Performance Monitoring" loops back to the beginning component of "Goals and Policies."