Value of Travel Time Reliability in Transportation Decision Making: Proof of Concept—Maryland (2014) / Chapter Skim
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1Executive Summary The topic of travel time reliability has been a significant focus in the transportation systems management and operations (TSM&O) community during recent years.
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2Select and Defend a Value or Range of Values SHA currently uses a VTTR in their existing life-cycle BCA for congestion relief projects. Following recent trends, particularly in European nations where reliability benefits are accounted for as a percent of congestion reduction–related savings, SHA adds 75% (known as the reliability ratio [RR]
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3In practice, the methodology involves the complex application of Real Options theory. Additional detail about the methodology is included in Chapter 3.
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4In addition to short-term congestion relief project selection, the research team looked at the impact of incorporating a value of travel time reliability into long-term project prioritization and selection. This was accomplished using the Maryland Statewide Transportation Model (MSTM)
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5Step 7: Present to SHA Management Maryland SHA stakeholders were briefed on project progress throughout the conduct of the research project. The research team was led by a member of SHA's Office of Planning and Preliminary Engineering.
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