The time required to implement large-scale transport infrastructure projects is substantial. However, the social costs generated during the construction phase are insufficiently included in assessment models. This study proposes a new method that aims to enhance current applied methods for investment assessment.

Transport infrastructure projects require substantial investment, and technical, financial and economic justification. Rational and reliable methods (e.g. cost benefit analysis and multi-criteria analysis) have been used to compare the advantages and disadvantages of projects, and to establish financing priorities. Assessing investment projects for new infrastructure or to upgrade existing infrastructure highlights significant social costs. Cost benefit analysis considers externalities (e.g. safety and pollution) before and after project implementation, but not during construction. Therefore, a model is needed to better reveal the implementation time in project evaluation.

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Source: TRIMS, European Commission