Advancement Through Research
Road and Rail projects are large-scale projects that require big national budgets. Therefore, the feasibility assessment system is used to measure the priority levels of various projects within the transportation limited budget.
The feasibility assessment in the Republic of Korea, first took place through a preliminary feasibility study in 1999. Since then, the system has been developed and improved through continuous multiple revisions, until adopting the sixth edition of the feasibility assessment system, which is defined in the last revision. Even though, the system has been improved continuously, the evaluation method used is unreliable and inaccurate; since it has potential errors.
Actually, in the past, the railway project and the road project, were two large scale national projects. Thus, even though the feasibility assessment error existed, it was negligible because of the weak impacts it had. Nevertheless, recently, and with the introduction of the sustainable transportation projects, the impacts of the existing errors had gotten stronger. In order to overcome such problems in other overseas countries; various new methods had been applied, such as the implementation of micro-models or reflecting more diverse benefits in the assessment system.
In this study, first, we will review the problems and limitations of the current domestic feasibility analysis method. Second, we will analyze the overseas methods to solve problems and overcome limitations. And last, we will study the application of some solutions that could improve the feasibility assessment system in Korea.
Project Appraisal, Transportation economic evaluation, WebTAG, Cost-Benefit analysis, Benefits, External Impacts
