Give a succinct account of the 2007 collapse of the Minneapolis I-35W bridge. Mention the effects it had on the neighbourhood and the unfortunate lives lost.

Proactive Maintenance: Describe how putting in place a proactive maintenance schedule, which includes routine inspections and small repairs, can help assets last longer.
Enhanced Inspection: Describe the advantages of increasing inspection frequency and spending money on cutting-edge inspection technologies to find and fix problems before they become serious.
Time worth of Money (TVM): Describe TVM as a financial concept that acknowledges that money's current worth is higher than its future value. Describe how this idea should be used in the capital budgeting procedure to make savvy choices on long-term investments. Consider talking about discount rates and how they impact how project expenses and benefits are assessed over time.

Summarizing What We've Learned: Mention the Minneapolis bridge collapse again as a case study and emphasize the value of careful planning, upkeep, and review in infrastructure projects.

Action Items: Discuss how LAPD can use these lessons to improve the effectiveness and safety of its facilities through the use of capital budgeting.
Cite at least 2 scholarly source