01474965

Component

https://doi.org/10.3141/2346-07

http://scholar.google.com...well&publication_year=2013

A process improvement effort is under way at the Wyoming Department of Transportation (DOT) to optimize the delivery of highway projects. The focus of the effort is to manage the risks of project cost and revenue uncertainties over the long term in order to deliver projects on time and as intended. The goal is to maximize the successful delivery of projects that have been planned 6 to 8 years in advance. As a result of this effort, the Wyoming DOT and other transportation agencies will have great leverage to achieve performance targets by delivering more projects on time with the performance benefits anticipated when the projects were initially selected. The analysis considers various funding scenarios, with plausible uncertainties, and examines strategies to mitigate the impacts. For example, mismatches between projected and actual funding in the intended years of delivery may cause costly delays for some projects from a lack of funding or may necessitate acceleration to spend excess revenue. An understanding of these potential outcomes has allowed process improvements to be developed. The results of the research are enabling the Wyoming DOT to maximize the performance benefits from the asset management efforts. The department will now be better able to manage the risks facing transportation projects in the project pipeline, with estimated benefits of between 2% and 4% of the total budget. This work will provide information that project planners can use to improve on-time project delivery and maximize the achievement of performance targets over time.

01499884

13-1599
13-1599

English

pp 56–62

2013

Transportation Research Record: Journal of the Transportation Research Board

9780309286848

Print

Figures (6) ; References (6) ; Tables (1)

Asset management; Construction projects; Costs; Financing; Programming (Planning); Project management; Revenues; Simulation; Uncertainty

Wyoming

Economics; Finance; Highways; Planning and Forecasting; Policy; I21: Planning of Transport Infrastructure

TRIS, TRB, ATRI

Feb 5 2013 12:24PM

• Comparing Public–Private Partnerships with Conventional Procurement: Incorporating Considerations from Benefit–Cost Analysis
• Economic Assessment of Public Rest Areas and Traveler Information Centers on Limited-Access Freeways
• Fuel Tax Evasion via the Fuel Tax Refund Process
• Integration of Congestion Pricing and Intertemporal Preference Rate in Social Welfare Function
• Key Considerations for States Seeking to Implement Public–Private Partnerships for New Highway Capacity
• Retail Fuel Price Stabilization and Revenue Generation of Dynamic Taxation Policy
• Transit Impact Fee: Enabling Statutes and Equity Concerns