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Preservation of the value, accessibility and adequate service level of road assets is one of the main tasks of road administrations. Right timing of maintenance works both decrease the road user costs as well as maintenance costs maximising overall benefits to the society measured by Net Present Value (NPV). We present a problem of road maintenance programming as a large-scale optimisation problem, which we optimise with genetic algorithms (GA), a parallel version of GA, and a variable neighbourhood search as a post-processing step on the previous solutions. We also compared all the optimised solutions with a large number of random solutions. A case study in the Sindh Province of Pakistan shows that parallel genetic algorithms with variable neighbourhood search produce 50 percent better results compared to random sampling and 6 percent better compared to regular genetic algorithms. The case study shows that current priorities in recent years are service level upgrading and routine maintenance.

Asset management is a strategic tool for maintaining the value of an asset at a level that is satisfactory for users, asset owners, and taxpayers. This paper introduces the concept of service value. The concept is applied following the recommendations of the Organisation for Economic Cooperation and Development (OECD): service value equals the value of economic benefits generated by an asset. It is shown how alternative value accounting methods result in different asset values. The present value method, as recommended by accounting practitioners and in line with the concept of service value, is more appropriate for asset management purposes than the perpetual inventory method (PIM), despite the fact that the latter is more widely used. The impact of correct asset and service value accounting extends well beyond project and investment program management levels to the national accounting system of fixed capital. Incorrect asset management accounting may lead to serious under-or overestimation of investments and repair debt.

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