Efficient highway asset management that provides tools to
facilitate a more organized, logical approach to achieve truly
optimal investment decisions becomes increasingly important.
Highway project evaluation and project selection are key steps in
the investment decision-making process. This text introduces a
generalized methodology for highway project evaluation that offers
flexibility for the decision-maker to consider any combination of
input factors such as project costs, traffic demand, and discount
rates under certainty, risk or uncertainty in the estimation of
project-level agency and user benefits. It could estimate the
amount of benefits associated with project sub-level agency or user
benefit items (if further separable) under certainty, risk or
uncertainty in accordance with available information. It also
proposes stochastic optimization models, along with an efficient
solution algorithm, for project selection that explicitly address
budget uncertainty. The new methodology and models can be adopted
by transportation agencies to achieve globally optimal investment
decisions.
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