Stochastic Optimization Model for Highway Project Trade-off Analyses

The steady growth in travel demand, accelerated deterioration of highway facility conditions, and increased concerns over mobility, safety, and the environment have put an intensified pressure to transportation agencies in seeking cost-effective investment decisions to uphold highway system performance. This paper first discusses the characteristics of highway project selection and reviews methods that exist in the literature for highway project selection. It then presents a stochastic optimization model, along with an efficient solution algorithm, developed to facilitate the implementation of contract-based, corridor-based, and deferment-based tradeoff methods for project selection. A case study is performed to assess the impacts of adopting different tradeoff methods on the investment decision outcomes. Cross comparisons reveal that significant changes in the investment decision outcomes could be resulted from the use of different tradeoff methods for project selection. The proposed methodology could be adopted by transportation agencies to improve the efficiency of investment decision-making.

• Corporate Authors:

  Transportation Research Board

  500 Fifth Street, NW
  Washington, DC  United States  20001
• Authors:
  • Kaini, Praveen
  • Madanu, Sunil Kumar
  • Patel, Harshingar
  • Li, Zongzhi
• Conference:
  • Transportation Research Board 87th Annual Meeting
  • Location: Washington DC, United States
  • Date: 2008-1-13 to 2008-1-17
• Date: 2008

Language

• English

Media Info

• Media Type: DVD
• Features: Figures; References; Tables;
• Pagination: 20p
• Monograph Title: TRB 87th Annual Meeting Compendium of Papers DVD

Subject/Index Terms

• TRT Terms: Alternatives analysis; Capital investments; Cost effectiveness; Decision making; Investments; Mobility; Optimization; Stochastic processes; Transportation planning; Travel demand
• Uncontrolled Terms: Highway projects
• Subject Areas: Data and Information Technology; Highways; Planning and Forecasting; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01088465
• Record Type: Publication
• Report/Paper Numbers: 08-3125
• Files: TRIS, TRB
• Created Date: Feb 25 2008 2:32PM