National practices in investment decision making in road sector

Li, Qindong and Kumar, Arun (2003) National practices in investment decision making in road sector. [Report]

Abstract

This document provides the findings of a national review of investment decision-making practices in road asset management. Efforts were concentrated on identifying the strategic objectives of agencies in road asset management, establishing and understanding criteria different organisations adopted and ascertaining the exact methodologies used by different sate road authorities. The investment objectives of Australian road authorities are based on triple-bottom line considerations (social, environmental, economic and political). In some cases, comparing with some social considerations, such as regional economic development, equity, and access to pubic service etc., Benefit-Cost Ratio has limited influence on the decision-making. Australian road authorities have developed various decision support tools. Although Multi-Criteria Analysis has been preliminarily used in case by case study, pavement management systems, which are primarily based on Benefit Cost Analysis, are still the main decision support tool. This situation is not compatible with the triple-bottom line objectives. There is need to fill the gap between decision support tools and decision-making itself. Different decision criteria should be adopted based on the contents of the work. Additional decision criteria, which are able to address social, environmental and political impacts, are needed to develop or identify. Environmental issue plays a more and more important role in decision-making. However, the criteria and respective weights in decision-making process are yet to be clearly identified. Social and political impacts resulted from road infrastructure investment can be identified through Community Perceptions Survey. With accumulative data, prediction models, which are similar as pavement performance models, can be established. Using these models, the decision-makers are able to foresee the social and political consequences of investment alternatives.

Additional Information

Item Type: Report
Collection: CRC for Construction Innovation
Keywords: CRC for Construction Innovation; Program C : Delivery Management of Built Assets; Project 2001-010-C : Investment Decision Making Framework for Infrastructure Assets Management
Date Deposited: 11 Mar 2014 03:18
Last Modified: 11 Mar 2014 03:20
Copyright Owner: Copyright 2003 Icon.Net Pty Ltd
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URI: http://digitalcollections.qut.edu.au/id/eprint/1988
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