The objectives of this guide are to explain what transit asset management is and the business benefits to an agency; provide an enterprise asset management framework and business model that agencies can refer to as best practice; describe the elements of a transit asset management plan; detail, for each major asset class, the major enabling components of asset management—inventory, condition assessment, performance analysis and modeling, risk management, and lifecycle cost management; and guide organizations through the migration from their current baseline to high-performance asset management.