Return on Investment in Transportation Asset Management Systems and Practices (2018)

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140 A P P E N D I X C ROI Framework and Guidance References by Topic Transportation Asset Management Babinski, G., Fumia, D., Reynolds, T., Singh, P., Scott, T., Zerbe, R., “An Analysis of Benefits from Use of Geographic Information Systems by King County Washington,” Richard Zerbe and Associates, March 2012. Bernhardt, S. and S. McNeil, “Impacts of Condition Assessment Variability on Life Cycle Costs,” ASCE, 2006. Cambridge Systematics, Inc. and Meyer, M., “U. S. Domestic Scan Program: Best Practices in Transportation Asset Management SCAN-TOUR REPORT,” NCHRP Project 20-68, February 2007. Crosswell, A., “Return on Investment in Information Technology: A Guide for Managers,” Center for Technology in Government, University at Albany, SUNY, August 2004. De la Garza, J. M., C. G. Howerton, and D. Sideris, “A Study of Implementation of IP-S2 Mobile Mapping Technology for Highway Asset Condition Assessment,” Virginia Tech, 2011. Dye Management Group, Inc., “Monitoring Highway Assets with Remote Technology,” Michigan Department of Transportation, July 2014. Hendren, P., “Asset Management in Planning and Operations: A Peer Exchange,” Transportation Research Circular, No. E-C076, 2005. Hoekstra, R. and J. Breyer, “Multi-Level Linear Referencing System (MLLRS) Cost/Benefit Value Analysis Study,” Requested by AASHTO, May 2011. Kin S., B.R. Yen, and T.A. Lasky, “LiDAR for Data Efficiency,” Washington State Department of Transportation, September 2011. Lawrie, M., “Intelligent Asset Management,” Thales Transportation Systems GmbH, November 2013. Markow, M. and B. Hyman, “Bridge Management Systems for Transportation Agency Decision Making,” NCHRP Synthesis 397, 2009. McNeil, S. and D. Mizusawa, “Measuring the Benefits of Implementing Asset Management Systems and Tools,” Midwest Regional University Transportation Center, University of Wisconsin, Madison, 2008. McNeil, S., D. Mizusawa, S. Rahimian, and J. Bittner, “Assessing and Interpreting the Benefits Derived from Implementing and Using Asset Management Systems,” Project 06-06, Phase 2, Midwest Regional University Transportation Center, June 2011.

Appendix C 141 Nokes, W., L. du Plessis, M. Mahdavi, N. Burmas, T.J. Holland, and J. Harvey, “Tools and Case Studies for Evaluating Benefits of Pavement Research,” 8th International Conference on Managing Pavement Assets, 2011. Schiffer, A., “Automated Asset Inventory System,” Arizona DOT, April 2006. Spy Pond Partners, “Successful Practices in GIS-Based Asset Management,” NCHRP Report 800, 2015. Vasquez, C., K. Heaslip, and W. Louisell, “A Practice Proven Pavement Management System for Local Governments,” Submitted for Presentation and Publication at the 89th Annual Meeting of the Transportation Research Board, Washington, D.C., 2010. Ye, Z., C. Strong, X. Shi, S. Conger, and D. Huft, “Benefit-Cost Analysis of Maintenance Decision Support System,” Transportation Research Record No. 2107, 2009. Yen, K.S., B. Ravani, and T.A. Lasky, “LiDAR for Data Efficiency,” Washington State Department of Transportation, September 2011. Economic Analysis Guidance AASHTO, A Manual of User Benefit Analysis for Highways, 2nd Edition (The AASHTO “Red Book”), March 2003. Boardman, A.E., D.H. Greenberg, A.R. Vining, and D.L. Weimer, “Cost Benefit Analysis: Concepts and Practice,” Third Edition, 2005, pp. 99-101. Bureau of Transport Economics, “Facts and Furphies in Benefit-Cost Analysis: Transport,” Research Report 100, November 1999, available at <www.bitre.gov.au/publications/1999/ report_100.aspx>. Cambridge Systematics, “Best Practice Methodology for Calculating Return on Investment for Transportation Programs and Projects,” NCHRP Report 8-36, Task 62, September 2008, available at <statewideplanning.org/wp-content/uploads/240_NCHRP-8-36-62.pdf>. de Neufville, R., “Applied Systems Analysis: Engineering Planning and Technology Management,” McGraw Hill, 1990. European Commission, Directorate General Regional Policy, “Guide to Cost Benefit Analysis of Investment Projects, Structural Funds, Cohesion Fund and Instrument for Pre-Accession,” July 2008. Federal Highway Administration, “Economic Analysis Primer,” Washington, DC, August 2003. Forkenbrock, D. and G. Weisbrod, “Guidebook for Assessing Social and Economic Effects of Transportation Projects,” NCHRP Report 456, National Academy Press, 2001. General Accountability Office, “Highway and Transit Investments: Options for Improving Information on Projects’ Benefits and Costs and Increasing Accountability for Results,” GAO-05-172, 2005. Gramlich, E., “A Guide to Benefit-Cost Analysis,” Second Edition, Waveland Press, 1990. HM Treasury, “The Green Book, Appraisal and Evaluation in Central Government,” 2007.

142 Return on Investment in Transportation Asset Management Systems and Practices Markow, M., “Engineering Economic Analysis Practices for Highway Investment,” NCHRP Synthesis 424, 2012, available at < onlinepubs.trb.org/onlinepubs/nchrp/nchrp_syn_424.pdf>. Martland, C. Toward More Sustainable Infrastructure: Project Evaluation for Planners and Engineers. John Wiley & Sons, 2012. Mishan, E.J. and E. Quah, “Cost-Benefit Analysis,” 5th edition, Routledge, 2007. Office of Management and Budget, Regulatory Analysis, Circular No. A-4, September 17, 2003, available at <www.whitehouse.gov/sites/default/files/omb/assets/omb/circulars/a004/a- 4.pdf>. “Transportation Benefit-Cost Analysis,” TRB Transportation Economics Committee (ABE20) website, available at <bca.transportationeconomics. org/home>. USDOT, “Tiger Benefit-Cost Analysis (BCA) Resource Guide,” April 2, 2015, available at <www. transportation.gov/policy-initiatives/tiger/tiger-benefit-cost-analysis-bca-resource-guide >. USDOT, “TIGER BCA Guidance,” April 6, 2015, available at <www.transportation.gov/policy- initiatives/tiger/tiger-bca-guidance>. Discounting European Commission, Directorate General Regional Policy, “Guide to Cost Benefit Analysis of Investment Projects, Structural Funds, Cohesion Fund and Instrument for Pre-Accession,” July 2008. Harrison, M., “Valuing the Future: the Social Discount Rate in Cost-Benefit Analysis,” Australian Government Productivity Commission, April 2010. Karp, L., “Global Warming and Hyperbolic Discounting,” Journal of Public Economics, No. 89, 2005, pp. 261–282. Moore, M.A., A.E. Boardman, A.R. Vining, D.L. Weimer, and D.H. Greenberg, “Just Give Me a Number! Practical Values for the Social Discount Rate,” Journal of Policy Analysis and Management 23(4), 2004, pp. 789-812. National Center for Environmental Economics, U.S. Environmental Protection Agency, “Guidelines for Preparing Economic Analyses,” December 2010. Office of Management and Budget, “Guidelines and Discount Rates for Benefit-Cost Analysis of Federal Programs,” Circular No. A-94, October 10, 1992, available at < www.whitehouse.gov/sites/ default/files/omb/assets/a94/a094.pdf>. Office of Management and Budget, “2015 Discount Rates for OMB Circular No. A-94,” M-15-05, January 21, 2015, available at <www.whitehouse.gov/sites/default/files/omb/memoranda/2015/m-15-05.pdf>. Spackman, M., “Social Discount Rates for the European Union: an Overview,” Working Paper n. 2006-33, Fifth Milan European Economy Workshop, May 26-27, 2006. Spackman, M., “Time Discounting and of the Cost of Capital in Government,” Fiscal Studies, Vol. 25, No. 4, 2004, pp. 467–518.

Appendix C 143 Weitzman, M., “Gamma Discounting,” The American Economic Review, Vol. 91, No.1, March 2001, pp. 260-271. Young, L., “Determining the Discount Rate for Government Projects,” New Zealand Treasury Working Paper 02/21, September 2002. Accounting for Uncertainty Airport Cooperative Research Program, Report 76, “Addressing Uncertainty about Future Airport Activity Levels in Airport Decision Making,” Transportation Research Board, Washington DC, 2012. Bruce D. and D. Lewis, “Risk Analysis Sheds New Light on Economics of Transportation Projects,” Transportation Delivered, HDR, Spring/Summer 2009, pp. 6-10. Granger M. and M. Henrion, “Uncertainty: A Guide to Dealing with Uncertainty in Quantitative Risk and Policy Analysis,” Cambridge University Press, 1990. Lewis, D., “The Future of Forecasting: Risk Analysis as a Philosophy of Transportation Planning,” TR News 177, March-April 1995. Other Neter, J., M. Kutner, C. Nachtsheim, W. Wasserman, “Applied Linear Statistical Models,” 4th Edition, Irwin, Chicago, 1990.