Refining Return on Investment Methodology/Tool for MnPASS

A refined return on investment (ROI) methodology is explored to supplement existing benefit-cost analysis (BCA) tools; data; and methodologies available to evaluate MnPASS managed lane projects. This would also facilitate more consistent and standardized measures for MnPASS system assessment and comparison. In this study; researchers investigated a more comprehensive set of factors; variables; and perspectives to include within the refined ROI analysis framework based on the limitations summarized in the current MnPASS BCA methodology; the major concerns identified from agency staff interviews; and available data resources. The selected cost components included initial capital costs; annual operating and maintenance costs; remaining capital value; and the potential benefit components consisted of travel time savings; vehicle operating cost savings; safety benefits; travel time reliability; transit benefit; induced traffic; emergency response; emissions impacts; and noise impacts. Tractable calculation methods were further explored for each cost and benefit measurement in order to facilitate use of the economic analysis tool. To verify the performance of the proposed methodology; the research team conducted a comparative demonstration; which produced a higher benefit-cost ratio than previous work. Furthermore; the contributions from additional benefit considerations highlighted the importance of integrating a wider range of project impact categories in the MnPASS ROI analyses.