This document takes an initial step towards development of an operations asset management methodology through an investigation of traffic signal systems applications. It presents findings of a state-of-the-practice review of signal systems asset management and lays out the characteristics of signal systems that need to be considered in defining an asset management approach. The report then develops an architecture for a signal system asset management system, and presents an analysis illustrating how such a system could be used to evaluate tradeoffs across different options for addressing signal system deficiencies. The report concludes with a comparison of the signal systems asset management approach to asset management systems currently in use for infrastructure assets and information technology assets. Elements of each of these two types of asset management systems can be used as models for the further development of the signal systems as set management methodology. The architecture, analysis, and comparison presented in the report provide a solid basis for proceeding with further development of a signal system asset management approach. They also provide insights that are applicable to developing asset management approaches for other types of operations assets.