Lifecycle management of assets is essential for cost-effective maintenance and long-term economic viability. Properly maintained infrastructure provides significant economic advantages. Neglecting maintenance leads to lower productivity and imposes costs on users. Furthermore, delayed maintenance significantly increases total costs associated with repair or replacement. Lifecycle asset management should be used in the public sector to manage large-scale assets such as transportation infrastructure in a cost-effective manner. Yet, state governments have had little incentive to provide proactive maintenance. To address the infrastructure capital investment backlog, particularly acute in transportation, government priorities need to be coupled with long-term economic accountability. In addition, funding and financial reporting mechanisms should be created to ensure effective and efficient lifecycle asset management decisions. Public-private partnerships (PPP) also need to be fostered to help address regional deficiencies in infrastructure.

Andrea Ruma has worked for three years at Ruma's Fruit and Gift Basket (Ruma's), a 112- year- old family business in Massachusetts. Andrea is trying to decide whether she will stay in the business or leave to go back to teaching. The problem for Andrea is that her father, Jim Ruma, will not share any information on the company strategy, finances, estate planning, or succession planning, nor provide her with any feedback on whether she is doing a good job. Although Jim is 72 years old, he is an active and opportunistic businessman. In the last twenty years, he has gotten out of the wholesale fruit business and has entered five new business areas, all without any planning. Although the company is profitable and provides good income to four family members, Andrea has doubts as to whether she should commit to the company with the idea of possibly taking over the business as the only viable fourth generation family member.