Passenger Value of Time, Benefit-Cost Analysis and Airport Capital Investment Decisions, Volume 1: Guidebook for Valuing User Time Savings in Airport Capital Investment Decision Analysis (2015) / Chapter Skim
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1 INTRODUCTION: VALUE OF TIME DEFINITION AND USE 1.1 What Is the Value of Time and Why Do We Care? The value of time is a dollar amount assigned to value the benefit of a change in expected travel time or unscheduled delay resulting from transportation projects, policies, programs or events.
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guide is intended to help transportation planners and airport operators better understand both the valuation of travel time and delay and how that valuation can be used. 1.2 How the Value of Time Is Used in Aviation Investment Analysis The value of reducing the travel times and delays involved in making air trips may be relevant for five different types of decisions –project funding, facility planning, terminal design, airline service decisions, airport choice decisions and regulatory evaluations.
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is implicit (if not explicit) in the development of future airport facility plans, as planners recognize the value of reducing the time that the public has to spend time in such activities as circling within parking areas to find a vacant parking spot, waiting in queues for terminal check-in and security, or sitting in an aircraft that is either waiting to take off or waiting on the ground for an arrival gate to open up.
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Regulatory Evaluations – All proposed major regulations are subject to BCA analysis by the FAA. 1.3 Why the Value of Time Varies The value of time represents what people are willing to pay to save time, or added time that they are willing to incur to save some expense.
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From page 9... ...
values of time for passengers, depending on where in the travel process those passengers are expected to save time. Lastly, it shows how the updated air travel values of time can be reconciled with values for ground transportation modes.
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