lect19 - Project Evaluation Carl D. Martland Outline...

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Unformatted text preview: Project Evaluation Carl D. Martland Outline Examples of Projects Motivation for Projects Financial & Economic Assessment NPV of Cash Flows Capital Budgets Cost Effectiveness Economic vs. Financial Assessment Broader Social, Economic, and Environmental Issues What Is a Project? For the planner (dreamer?): A vision, a dream or a hope A monument A way to solve a problem For the construction company: A specific task to be completed within a specific time A way to make money through construction For the owner: Potential benefits over the life of the project A way to make money through operation A monument For others: Potential improvement in opportunities, environment, etc Potential disruptions and degradation in environment The Roman Empire was Held Together by Roads Source: The Builders, Marvels of Engineering, National Geographic Society Map showing network of roads throughout the Roman Empire. Image removed due to copyright restrictions. The Roman roads are still visible and often still used Roman Road, Lake District, England Roman Road & Fort, Hardknott Pass, Lake District, England Photographs removed due to copyright restrictions. Highway Programs: Early Toll Roads Early toll roads in U.S. circa 1800 No public capital Authority to construct and operate toll road Routes required to be as direct as possible Toll roads all failed Railroads provided superior service Tolls would no longer cover maintenance Roads given back to public Source: Wood, The Turnpikes of New England, Branch Line Press Historical map showing major roads in Massachusetts. Image removed due to copyright restrictions. The Scale of the Road Network Matches the Scale of Society and the Available Technology Pedestrian Street in Bayeux, France, Unchanged for Hundreds of Years Photograph removed due to copyright restrictions. London Bridge Residences and Stores on Bridge Tolls Draw Bridge Extensive River Competition Only Bridge Allowed Across Thames Near London Expenses Supported by Income From Landholdings Millennium Bridge, London Photograph of the Millennium Bridge. Image removed due to copyright restrictions. Rehabilitation & Maintenance: Reduce Costs of ROW & Operation Photographs of maintenance operations. Images removed due to copyright restrictions. Benefits of Improved Access Reduced transport costs for existing users Lower transport expense ($ saved) Less travel time (hrs saved x value of time) Fewer accidents ($, injuries, fatalities avoided) Increased demand for transportation Additional consumer surplus (difference between value of trip and cost of trip) Changes in economic geography Increased land values and development potential More location options for time and $ constraints More options for trade (spatial price equilibrium) Chesapeake Bay Bridge & Tunnel 17.6 mile bridge/tunnel Alternate to congested I-95 Shortest route to and from Delmarva peninsula Seasonal access to excellent beaches Background: Chesapeake Bay Bridge-Tunnel...
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This note was uploaded on 12/04/2011 for the course ESD 1.210j taught by Professor Mosheben-akiva during the Fall '08 term at MIT.

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lect19 - Project Evaluation Carl D. Martland Outline...

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