Description

Engineering economic analysis applies economic concepts and methods to engineering problems to support decisions on a best course of action. Economic analysis provides a way of comparing the economic gains expected from an investment with the cost of that investment; providing an objective understanding of value to be expected for cost incurred. The Highway Development and Management Model (HDM-4) system is seen as the international standard decision support tool for road management. This article focuses on the Road User Cost Modelling in HDM-4 and validation of the model using Road User Costs Knowledge System (RUCKS).

Engineering economic analysis applies economic concepts and methods to engineering problems to support decisions on a best course of action. Economic analysis provides a way of comparing the economic gains expected from an investment with the cost of that investment; providing an objective understanding of value to be expected for cost incurred. The Highway Development and Management Model (HDM-4) system is seen as the international standard decision support tool for road management. This article focuses on the Road User Cost Modelling in HDM-4 and validation of the model using Road User Costs Knowledge System (RUCKS).