Highway Transportation Project Evaluation and Selection Incorporating Risk and Uncertainty

Abstract

Over the past two decades, transportation agencies worldwide have developed various highway asset management systems such as pavement, bridge, maintenance, safety, and congestion management systems as analytical tools to help them make cost-effective investment decisions. In general, each management system generally performs the following tasks: i) establishing highway system goals and performance measures, ii) monitoring the performance of physical highway assets and system operations, iii) predicting performance trends over time, iv) recommending candidate projects to address system needs, v) carrying out project evaluation, vi) conducting project selection, and vii) providing feedback to refine the analysis in subsequent decision cycles (FHWA, 1987, 1991).