1.201_f08_lecture22

1.201_f08_lecture22 - Project Evaluation and Programming I...

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Transportation leadership you can trust. presented to MIT 1.201 Class presented by Lance Neumann Cambridge Systematics, Inc. November 20, 2008 Project Evaluation and Programming I Project Evaluation 1 Outline Lecture 1 Project Evaluation Objectives of project evaluation Review of basic concepts Economic evaluation approaches Benefit-cost analysis Other evaluation approaches Project evaluation in the “real world” Summary 1
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2 Outline (continued) Lecture 2 Investment Planning and Programming Objectives of programming Program structure Investment planning/programming framework Condition assessment and needs Levels of analysis Revisit benefit-cost analysis Priority setting and program tradeoffs Investment planning support tools 3 Outline (continued) Lecture 2 (continued) Examples Case Study Conclusions 2
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4 Objectives of Project Evaluation Consistent comparison of project costs, benefits, and impacts Provide basis for deciding on the best alternative for a project and choosing among a set of projects Transparency provide understanding of what factors drive project value 5 Basic Questions in Project Evaluation Is the project worthwhile? Are the benefits greater than the cost? Is this the best way to achieve these benefits? Can similar benefits be achieved more efficiently by another option? 3
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6 Basic Concepts Project evaluation not done in a vacuum part of broader planning, programming, and budgeting process Types of projects and project tradeoffs can vary widely and require different evaluation methods Project development/design and evaluation typically are iterative not “one-shot” For public sector projects there are typically many stakeholders and perspectives involved in evaluating project alternatives for large/complex projects 7 Project Evaluation Key Element of Broader Planning Process Project Development Establish Broad Evaluation Criteria Identify Needs and Candidate Projects Evaluate and Select Specific Projects for Funding Fund Project Development Phases Alternative Analysis Design Evaluation/EIS Construction Post Implementation Evaluation Policy Goals and Objectives Mobility, Safety, Environment, Equity Long-Range System Planning 20-year Horizon Presentation, Operations, Capacity Expansion Programming Project Evaluation and Selection Phases of Project Development Budgeting Project and Program Implementation System Operations and Monitoring Stakeholder Input Planning/Programming Process 4
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8 Typical Steps in Project Development Identification of problems and deficiencies Identification of options Design Financial analysis Economic analysis Environmental impact assessment Public hearings 5
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6 10 Types of Projects and Evaluation Methods System preservation most cost effective strategy to maintain pavement condition or fleet availability/reliability Technical/engineering factors dominate Tools asset management systems, least life-cycle cost
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1.201_f08_lecture22 - Project Evaluation and Programming I...

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