01371355

Component

https://doi.org/10.3141/2280-08

http://scholar.google.com...ahar&publication_year=2012

Money should be spent on research that promises the most value for the dollar, but how does one estimate the value of research? This paper suggests a logical and quantitative approach for estimating the dollar value of a class of proposed road safety research projects that aim to estimate the safety effects of various actions. The purpose of such research is to improve the ability to predict the safety effects of future actions because more accurate predictions would result in fewer incorrect decisions. With more correct decisions, investment is more cost-effective. This final outcome is what gives such research its value. The task of assigning a dollar value to proposed research is doable. The logic and the computations are described. The estimated dollar value, when coupled with the cost of research, can be used to prioritize proposed research projects.

01474121

12-1099

English

pp 68–74

2012

Transportation Research Record: Journal of the Transportation Research Board

9780309263214

Print

Figures; References; Tables

Benefit cost analysis; Decision making; Highway safety; Research projects; Value engineering

Data and Information Technology; Economics; Highways; Safety and Human Factors; I10: Economics and Administration

TRIS, TRB, ATRI

Feb 8 2012 4:59PM

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