Passenger Value of Time, Benefit-Cost Analysis and Airport Capital Investment Decisions, Volume 1: Guidebook for Valuing User Time Savings in Airport Capital Investment Decision Analysis (2015) / Chapter Skim
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3 FIVE-STEP PROCESS Step 1: Screen Project for Applicability It takes extra time and effort to adjust benefit-cost studies to incorporate different values of time savings for different segments of the air passenger trip, and that extra effort is not always necessary. So the first step is to apply a project "screener" to identify whether the extra effort is necessary that allows the analyst to identify likely passenger travel time savings.
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Table 4: Project Screener Project Type Action Type Effect on Time Delay Yes (potentially) No Airport (non-terminal)
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Project Type Action Type Effect on Time Delay Yes (potentially) No Terminal – Airside Aircraft Gates Number, aircraft size Reduce delays to arriving aircraft waiting for a gate to become available or rub-off delays to departing aircraft Seat Capacity at Gates Expand X*
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• Terminal Access Time: The time to reach the airport terminal from the parking location, drop-off location, or transit stop/station. • Check-in and Security Time: The time to check-in and check baggage, reach security screening, wait in line and clear security.
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depending on the buffer times included in airline schedules and travel time margins allowed by passengers. Table 5: Time Impact Mapping Matrix Project Type (Elements)
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Step 3: Calculate Travel Delay The third step calculates the size of the travel delay with and without the project (or the net time savings)
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If possible, the analyst should obtain relevant air passenger characteristics and passenger activity information along with capacity information to calculate total aggregate time savings for the classes of travel shown in Table 6. This information can be transformed into percentages that can then be applied as weighted averages to the values developed next in Step 4.
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peak period load factor is mid-way between the average reported load factor and 100%, and adjust the off-peak period load factor accordingly to give the correct average load factor overall (this type of adjustment will depend on the proportion of seats in the peak period)
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Table 7: Breakdown of Airside Delay Weather Conditions and Time Periods VFR IFR* Percent Time Total Pass x Avg.
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Table 8: Worksheet for Calculating Value of Enhanced Travel Time (Reduced Delay) Time Category Total Annual Person-Hours of Time Saved x Value per Hour of Time ($2013)
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should be used, as appropriate, to calculate overall time values that are appropriate for the specific airport. Finally, it should be noted that information regarding the income levels of travelers should be used when available.
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and that the discount rate reflects the time value of money above inflation10. The results should go into a benefit-cost table as shown in Table 9.
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Assessing Trip Diversions and the Value of Time Savings Trip diversion refers to passengers selecting a different airport to use as a result of an airport capital investment project or operational changes. Such diversions may occur if a capital investment improves air service and passenger convenience at one airport compared to other airports in the vicinity.
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