Highway Asset Management under Risk and Uncertainty: Methodology, Models and Application - Softcover

Li, Zongzhi

Softcover

ISBN 10: 3639145534 ISBN 13: 9783639145533

Publisher: VDM Verlag, 2009

Synopsis

Efficient highway asset management that provides tools to facilitate a more organized, logical approach to achieve truly optimal investment decisions becomes increasingly important. Highway project evaluation and project selection are key steps in the investment decision-making process. This text introduces a generalized methodology for highway project evaluation that offers flexibility for the decision-maker to consider any combination of input factors such as project costs, traffic demand, and discount rates under certainty, risk or uncertainty in the estimation of project-level agency and user benefits. It could estimate the amount of benefits associated with project sub-level agency or user benefit items (if further separable) under certainty, risk or uncertainty in accordance with available information. It also proposes stochastic optimization models, along with an efficient solution algorithm, for project selection that explicitly address budget uncertainty. The new methodology and models can be adopted by transportation agencies to achieve globally optimal investment decisions.

About this title

About the Author

Zongzhi Li is an assistant professor at Illinois Institute of Technology. He received BE degree from Chang?an University, China; and MSCE., MSIE., and Ph.D. in Transportation Engineering and Operations Research from Purdue University, USA. Sang Hyuk Lee received BE degree and Master?s in Urban Engineering from Kyungil University, Korea.

Edition details

• Publisher: VDM Verlag
• Publication date: 2009
• Language: English
• ISBN 10: 3639145534
• ISBN 13: 9783639145533
• Binding: Paperback
• Number of pages: 224