Economic Development Research Group Blog

Incorporating Qualitative Factors in Transportation Decision-making

When funds are short, agencies are often challenged to justify decisions about which projects to do and not to do. One way that agencies address this situation is by conducting cost-benefit analysis, which quantifies all of the potential benefits of projects relative to their costs and compares which investments seem to offer the best outcomes for the money. Agencies may use cost-benefit analysis to justify a particular project (showing its benefits are more than its costs) or to rank projects based on which ones offer the most benefits per dollar spent (often regarded as a ‘prioritization’ process). Using economic methods to compare the benefits of projects can be an extremely useful and powerful tool both for decision making and for explaining choices to stakeholders. However, challenges arise when agencies find that there are “intangible” (or difficult to quantify) outcomes which are known to be important.

Continue reading
  8164 Hits
8164 Hits

Latest Blogposts

Twitter Feed

TRB Planning Apps Conference Recap https://t.co/d22pPttf0E @trbappcon #trbappcon
Scott Middleton presented on "Transportation and the Economy: Drawing Conclusions Instead of Drawing Blanks" yester… https://t.co/31QH1IeadW
Renewable Energy Costs Take Another Tumble, Making Fossil Fuels Look More Expensive Than Ever via @forbes https://t.co/RvOoyes8H1
twitter 2 linkedin 2
 

Telephone: 1-617-338-6775 - This email address is being protected from spambots. You need JavaScript enabled to view it.

© 1997-2019 Economic Development Research Group, Inc; 155 Federal St. 6th Floor, Boston, MA 02110 USA