Comparison of Software Packages for Life Cycle Cost and Benefit Analysis of Highway Projects

Abstract

As part of the effort to develop an economic analysis methodology for evaluating highway projects, the commonly utilized software packages for highway life cycle cost analysis (LCCA) were examined and evaluated. The software packages include MicroBENCOST, California Life-Cycle Benefit/Cost Analysis Model (Cal-B/C), and the Redbook Wizard. Through this study, the methodologies applied by these packages were examined. The similarities and differences among the methodologies were identified and compared. Cost and benefit data from real highway projects were applied using the software packages to evaluate and compare the economic analysis results. It was found that even though the general frameworks of economic analyses are similar in these packages, there exist many differences in the specific processes and parameter values. This paper presents the results of the comparisons and evaluations. The evaluation procedures are illustrated. The similarities and differences of the methods are outlined. The impact of the differences on the results of highway economic analysis is discussed. It is believed that the results of this study will be helpful for highway engineers and planners to understand the capacities and limitations of the software packages.