Throughout the world, the use of some kind of a formal
transportation project evaluation procedure is a requirement. Yet,
by and large, these are partial; in fact, much weight is often
placed on the initial -pre-engineering -phases of the planning
process, when vital information, such as accurate costs and demand
projections, is largely missing. Moreover, many of these procedures
neglect to consider key issues such as project's risks, capital
costs financing, latent demand, market imperfections, labor force
availability and various incompatibilities between trip rates,
travel times and activity location. As a result, projects, which
are judged as viable under such deficient evaluation schemes, may
have had a significantly different projection of capital costs and
demand should a well-founded, thorough, and efficient evaluation
process be used.
Against this background, this book's main objective is to
construct a comprehensive and methodical economic, planning and
decision-making framework for the evaluation of proposed
transportation infrastructure investment projects. Such a framework
is founded on four key principles. It is based on well-established
economic, transportation and policy-analysis theoretical
principles; it is comprehensive enough to encompass all relevant
evaluation issues; it is applicable to a wide range of
transportation investment projects; and it is amenable to empirical
application including a sensitivity analysis and alternative
scenarios regarding urban, regional and national developments.
General
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