Performance-based asset management provides a strategic framework for managing transportation infrastructure to improve existing procedures for resource allocation. The importance of comprehensive management of pavement marking assets not only results in monetary benefits to the agencies but also complements other management systems in providing safer driving conditions. A majority of research concerned with pavement markings addresses installation, performance, maintenance, and economic evaluation. Although agencies have developed guides and manuals on these subjects, they had difficulties in practical implementation. The purpose of this study was to address the issues that were identified in the practical implementation of analytical and information tools of asset management practice in the field of pavement markings. Problems of limited variable data, censored data and uncertainty in field evaluation and retroreflectivity based prediction were addressed by adopting statistical techniques. Sectional assessment and management methods were proposed as a part of a practical restriping methodology. An information tool was developed in a geographic information system (GIS) environment as an application. Retroreflectivity was the only performance measure on which the analysis and application was carried out. Two case studies were conducted, one for statistical techniques with retroreflectivity data collected by the National Transportation Product Evaluation Program (NTPEP) on U.S. Highway 78 westbound, Lee County, Mississippi. The other for application with retroreflectivity data collected using mobile retroreflectivity unit (MRU) on FM 57, Fisher County, Texas. This research effort provides a framework for an agency in developing a pavement marking management program to maintain good visibility of markings. It also provides a basis for further research in building an integrated asset management system based on other transportation assets.