Infrastructure assessment - Revision history

Amiller: /* Additional Reading */

2012-09-10T22:31:18Z

Additional Reading

← Older revision		Revision as of 22:31, 10 September 2012
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	==Notes==		==Notes==
	===Additional Reading===		===Additional Reading===
	* [http://onlinepubs.trb.org/onlinepubs/tcrp/tcrp78/guidebook/tcrp78.pdf\| TCRP Research Results Digest 78: Managing Capital Costs of Major Federally Funded Public Transportation Projects. 2006.] The Transit Cooperative Research Program, sponsored by the Federal Transit Administration, conducted a study on "Managing Capital Costs of Major Federally Funded Transportation Projects." The report contains strategies to better manage costs at all stages of project development.		Transit Cooperative Research Program. [http://onlinepubs.trb.org/onlinepubs/tcrp/tcrp78/guidebook/tcrp78.pdf\|"TCRP Research Results Digest 78: Managing Capital Costs of Major Federally Funded Public Transportation Projects."] 2006.
			: The Transit Cooperative Research Program, sponsored by the Federal Transit Administration, conducted a study on "Managing Capital Costs of Major Federally Funded Transportation Projects." The report contains strategies to better manage costs at all stages of project development.

	===References===		===References===
	* Pickrell, D. "A Desire Named Streetcar." 1992.		* Pickrell, D. "A Desire Named Streetcar." 1992.

Amiller: /* Improve cost estimation */

2012-09-10T22:30:26Z

Improve cost estimation

← Older revision		Revision as of 22:30, 10 September 2012
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	=== Improve cost estimation ===		=== Improve cost estimation ===
	Underestimating the cost of capital projects reduces the effectiveness of cost/benefit analysis used in project selection. Many approaches can improve cost estimates, such as conducting extensive engineering studies before deciding on a preferred alternative to better understand costs associated with each alternative, relying on cost estimate data from previous projects to more accurately predict costs, ~~increase~~ project transparency to generate stakeholder support and avoid costly changes later in the project development, and ~~establish~~ a clearly defined scope and schedule to minimize uncertainty and delay.		Underestimating the cost of capital projects reduces the effectiveness of cost/benefit analysis used in project selection. Many approaches can improve cost estimates, such as conducting extensive engineering studies before deciding on a preferred alternative to better understand costs associated with each alternative, relying on cost estimate data from previous projects to more accurately predict costs, increasing project transparency to generate stakeholder support and avoid costly changes later in the project development, and establishing a clearly defined scope and schedule to minimize uncertainty and delay.

	==Notes==		==Notes==

Amiller: /* Introduction */

2012-09-10T22:28:22Z

Introduction

← Older revision		Revision as of 22:28, 10 September 2012
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	== Introduction ==		== Introduction ==
			Agencies tend to select projects that, once constructed, do not generate ridership levels that warrant their construction. In short, many projects are overbuilt and a less costly alternative would satisfy the project need. The selection of capital-intensive projects contributes to cost overruns and can lead to the reputation of infrastructure projects as mismanaged, wasteful investments. A variety of political, financial, and accounting incentives support the construction of projects whose capacities far exceed demand. These incentives include political preference for large projects that generate media attention, financing structures that favor capital intensive projects, and accounting structures that inaccurately predict future benefits.
	Agencies tend to select projects that, once constructed, do not generate ridership levels that warrant their construction. In short, many ~~project~~ projects are overbuilt and a less costly alternative would satisfy the project need. The selection of capital-intensive projects contributes to cost overruns and can lead to the reputation of infrastructure projects as mismanaged, wasteful investments. A variety of political, financial, and accounting incentives support the construction of projects whose capacities far exceed demand. These incentives include political preference for large~~, splashy~~ projects that generate media attention, financing structures that favor capital intensive projects, and accounting structures that inaccurately predict future benefits.

	==Strategies==		==Strategies==

Jmatute at 18:51, 31 July 2012

2012-07-31T18:51:17Z

← Older revision		Revision as of 18:51, 31 July 2012
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	[[Category:~~Capital~~ planning ~~and project delivery~~]]		[[Category:Investment and planning]]

	== Introduction ==		== Introduction ==

Jmatute: moved Appropriate size infrastructure to Infrastructure assessment

2012-07-31T18:50:55Z

moved Appropriate size infrastructure to Infrastructure assessment

← Older revision	Revision as of 18:50, 31 July 2012
(No difference)

Sbergstein at 22:40, 22 February 2012

2012-02-22T22:40:35Z

← Older revision		Revision as of 22:40, 22 February 2012
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	=== Improve modeling ===		=== Improve modeling ===
	Forecasting models used to calculate future ridership levels rarely correspond with actual travel behavior. This distorts the benefits attributed to a project in cost/benefit analysis and biases decision-making in favor of projects whose full benefits will not be realized. Current modeling practices typically forecast travel patterns for a 30 year time period, making it challenging to accurately incorporate changes to local economies that affect travel patterns. Adjusting the forecast year closer to the present reduces the uncertainty of inputs that affect future travel.		Forecasting models used to calculate future ridership levels rarely correspond with actual travel behavior. This distorts the benefits attributed to a project in cost/benefit analysis and biases decision-making in favor of projects whose full benefits will not be realized. Current modeling practices typically forecast travel patterns for a 30 year time period, making it challenging to accurately incorporate changes to local economies that affect travel patterns. Adjusting the forecast year closer to the present reduces the uncertainty of inputs that affect future travel.

	~~Further reading: Pickrell. "A Desire Named Streetcar." 1992.~~


	=== Improve cost estimation ===		=== Improve cost estimation ===
	Underestimating the cost of capital projects reduces the effectiveness of cost/benefit analysis used in project selection. Many approaches can improve cost estimates, such as conducting extensive engineering studies before deciding on a preferred alternative to better understand costs associated with each alternative, relying on cost estimate data from previous projects to more accurately predict costs, increase project transparency to generate stakeholder support and avoid costly changes later in the project development, and establish a clearly defined scope and schedule to minimize uncertainty and delay.		Underestimating the cost of capital projects reduces the effectiveness of cost/benefit analysis used in project selection. Many approaches can improve cost estimates, such as conducting extensive engineering studies before deciding on a preferred alternative to better understand costs associated with each alternative, relying on cost estimate data from previous projects to more accurately predict costs, increase project transparency to generate stakeholder support and avoid costly changes later in the project development, and establish a clearly defined scope and schedule to minimize uncertainty and delay.

	~~Further reading:~~ [http://onlinepubs.trb.org/onlinepubs/'tcrp~~'''~~/~~'''tcrp'''_'''rrd'''_'''78'''~~.pdf\|'' TCRP Research Results Digest 78: Managing Capital Costs of Major Federally Funded Public Transportation Projects. 2006.]		==Notes==
			===Additional Reading===
			* [http://onlinepubs.trb.org/onlinepubs/tcrp/tcrp78/guidebook/tcrp78.pdf\| TCRP Research Results Digest 78: Managing Capital Costs of Major Federally Funded Public Transportation Projects. 2006.] The Transit Cooperative Research Program, sponsored by the Federal Transit Administration, conducted a study on "Managing Capital Costs of Major Federally Funded Transportation Projects." The report contains strategies to better manage costs at all stages of project development.

			===References===
			* Pickrell, D. "A Desire Named Streetcar." 1992.

Sbergstein at 02:04, 14 February 2012

2012-02-14T02:04:46Z

← Older revision		Revision as of 02:04, 14 February 2012
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	=== Improve modeling ===		=== Improve modeling ===
	Forecasting models used to calculate future ridership levels rarely correspond with actual travel behavior. This distorts the benefits attributed to a project in cost/benefit analysis and biases decision-making in favor of projects whose full benefits will not be realized. Current modeling practices typically forecast travel patterns for a 30 year time period, making it challenging to accurately incorporate changes to local economies that affect travel patterns. Adjusting the forecast year closer to the present reduces the uncertainty of inputs that affect future travel.		Forecasting models used to calculate future ridership levels rarely correspond with actual travel behavior. This distorts the benefits attributed to a project in cost/benefit analysis and biases decision-making in favor of projects whose full benefits will not be realized. Current modeling practices typically forecast travel patterns for a 30 year time period, making it challenging to accurately incorporate changes to local economies that affect travel patterns. Adjusting the forecast year closer to the present reduces the uncertainty of inputs that affect future travel.

			Further reading: Pickrell. "A Desire Named Streetcar." 1992.


	=== Improve cost estimation ===		=== Improve cost estimation ===
	~~Conduct~~ extensive engineering studies before deciding on alternative		Underestimating the cost of capital projects reduces the effectiveness of cost/benefit analysis used in project selection. Many approaches can improve cost estimates, such as conducting extensive engineering studies before deciding on a preferred alternative to better understand costs associated with each alternative, relying on cost estimate data from previous projects to more accurately predict costs, increase project transparency to generate stakeholder support and avoid costly changes later in the project development, and establish a clearly defined scope and schedule to minimize uncertainty and delay.
	~~Reach out~~ to ~~stakeholders~~
	~~Use historical~~ cost ~~estimates as comparison~~		Further reading: [http://onlinepubs.trb.org/onlinepubs/'tcrp'''/'''tcrp'''_'''rrd'''_'''78'''.pdf\|'' TCRP Research Results Digest 78: Managing Capital Costs of Major Federally Funded Public Transportation Projects. 2006.]
	~~Consistently measure across projects~~
	~~Increase cost estimate transparency~~

Sbergstein at 01:24, 14 February 2012

2012-02-14T01:24:29Z

← Older revision		Revision as of 01:24, 14 February 2012
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	== Introduction ==		== Introduction ==

	Agencies tend to select projects that, once constructed, do not generate ridership levels that warrant their construction. In short, many project projects are overbuilt and a less costly alternative would satisfy the project need. The selection of capital-intensive projects ~~contributed~~ to cost overruns and can lead to the reputation of infrastructure projects as mismanaged, wasteful investments.		Agencies tend to select projects that, once constructed, do not generate ridership levels that warrant their construction. In short, many project projects are overbuilt and a less costly alternative would satisfy the project need. The selection of capital-intensive projects contributes to cost overruns and can lead to the reputation of infrastructure projects as mismanaged, wasteful investments. A variety of political, financial, and accounting incentives support the construction of projects whose capacities far exceed demand. These incentives include political preference for large, splashy projects that generate media attention, financing structures that favor capital intensive projects, and accounting structures that inaccurately predict future benefits.

	A variety of political, financial, and accounting incentives support the construction of projects whose capacities far exceed demand. These incentives include ~~overestimated ridership from forecast modeling inputs that do not correspond with actual travel behavior and~~ political preference for large, splashy projects.

	==Strategies==		==Strategies==
	=== Improve modeling ===		=== Improve modeling ===
	~~Adjust~~ forecast year		Forecasting models used to calculate future ridership levels rarely correspond with actual travel behavior. This distorts the benefits attributed to a project in cost/benefit analysis and biases decision-making in favor of projects whose full benefits will not be realized. Current modeling practices typically forecast travel patterns for a 30 year time period, making it challenging to accurately incorporate changes to local economies that affect travel patterns. Adjusting the forecast year closer to the present reduces the uncertainty of inputs that affect future travel.

Sbergstein at 00:33, 14 February 2012

2012-02-14T00:33:00Z

← Older revision		Revision as of 00:33, 14 February 2012
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	[[Category:Capital planning and project delivery]]		[[Category:Capital planning and project delivery]]



	== Introduction ==		== Introduction ==

	Agencies tend to select projects that, once constructed, do not generate ridership levels that warrant their construction. In short, many project projects are overbuilt and a less costly alternative would satisfy the project need.		Agencies tend to select projects that, once constructed, do not generate ridership levels that warrant their construction. In short, many project projects are overbuilt and a less costly alternative would satisfy the project need. The selection of capital-intensive projects contributed to cost overruns and can lead to the reputation of infrastructure projects as mismanaged, wasteful investments.

	A variety of political, financial, and accounting incentives support the construction of projects whose capacities far exceed demand~~, including:~~		A variety of political, financial, and accounting incentives support the construction of projects whose capacities far exceed demand. These incentives include overestimated ridership from forecast modeling inputs that do not correspond with actual travel behavior and political preference for large, splashy projects.
	* Overestimated ridership from forecast modeling inputs that do not correspond with actual travel behavior
	* Unanticipated construction costs
	* Preference for large, splashy projects
	* No incentive to manage project costs because others are footing the bill

	==Strategies==		==Strategies==
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	Use historical cost estimates as comparison		Use historical cost estimates as comparison
	Consistently measure across projects		Consistently measure across projects


	~~=== Contain project cost ===~~
	~~Clearly define scope and schedule~~
	Increase cost estimate transparency		Increase cost estimate transparency

Sbergstein at 23:33, 13 February 2012

2012-02-13T23:33:16Z

← Older revision		Revision as of 23:33, 13 February 2012
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	==Strategies==		==Strategies==
	=== Improve modeling ===		=== Improve modeling ===
	[[Adjust forecast year]		Adjust forecast year


	=== Improve cost estimation ===		=== Improve cost estimation ===
	[[Conduct extensive engineering studies before deciding on alternative]]		Conduct extensive engineering studies before deciding on alternative
	[[Reach out to stakeholders]]		Reach out to stakeholders
	[[Use historical cost estimates as comparison]]		Use historical cost estimates as comparison
	[[Consistently measure across projects]]		Consistently measure across projects


	=== Contain project cost ===		=== Contain project cost ===
	[[Clearly define scope and schedule]]		Clearly define scope and schedule
	[[Increase cost estimate transparency]]		Increase cost estimate transparency