Uncertain Cost Estimates Influencing Priorities for Multimodal Transportation Corridors

Abstract

Economic uncertainties have prompted transportation departments to consider cost-effective spending to reduce funding shortages. Although methods exist for identifying and prioritizing projects, there is need for analysis of long-range plans that consider stakeholder perspectives. This article compares two pairs of cost estimates: (a) modal agency cost estimates with (b) highway-only implementations and (c) regional Transportation Planning Organization (TPO) plans with (d) the state Department of Transportation (DOT) highway plan. This article develops methods to compare the perspectives of cost estimates for transportation improvements. The methods are adaptable to include both preliminary cost data and detailed life cycle cost data. The results aid in the prioritization of engineering and long-range planning efforts for projects that are expected to contribute to the goals of a variety of stakeholder investments. The methods support efforts for increasing accuracy and inclusion of life cycle costs into project estimates and employment of more sophisticated cost methodologies, such as cost-effectiveness and cost–benefit analysis.