Transportation systems management and operations (TSM&O) strategies such as adaptive traffic control systems (ATCSs) and ramp metering systems (RMSs) can be utilized to exploit existing transporting capacity instead of undertaking costly new construction projects. This paper presents an asset management framework for TSM&O components used in ATCSs and RMSs including signal heads, controllers, detectors, supporting structures, and communication lines to support the decision making processes of transportation agencies. ATCS and RMS overall condition ratings and importance indices are the two parameters that contribute to prioritization of these TSM&O applications. A fuzzy logic approach is used to combine these two major components. Inspection guidelines and published cost databases are primary data sources, while economic (agency), social (traveler), and environmental benefits that would be lost in case of failures are considered in developing procedures to determine the importance indices. This asset management framework allows transportation agencies to identify ATCS and RMS deployments with high risk considering both the condition levels and benefits provided by these deployments, and hence constitutes a highly important step towards development of risk management and mitigation plans featuring appropriate maintenance, repair and rehabilitation (MRR) strategies. Future research can integrate additional TSM&O components into the asset management framework, and the boundary of benefits considered in determining the importance indices can be expanded.