The American Society of Civil Engineers and the Eno Center for Transportation Leadership recently released a report, Maximizing the Value of Investments Using Life Cycle Cost Analysis. The report seeks to demonstrate the value of life cycle cost analysis (LCCA); how it can be incorporated into the decision-making process; and what actions public agencies have taken to put LCCA programs in place.
The report provides expanded information on the following recommendations that should be made at the federal level:
- Tie federal funding to performance
- Launch a discretionary grant program targeted toward asset managment
- Use an LCCA-driven cost-effectiveness ranking to inform the Statewide Transportation Improvement Program and Transportation Improvement Program
- Improve data resources
- Fund a development course for LCCA leaders
Recommendations for the state level include:
- Establish an LCCA pilot program
- Introduce state-level legislation
- Dedicate funding to workforce development
- Partner with the private sector
Access the report here.