Unit replacement costs are established by asset class/component using expert judgement and/or industry defaults.
Unit replacement costs are established through a one-time analysis of project data and updated in subsequent years based on inflation.
Unit replacement costs are established through a well-documented process that includes: analysis of project data; assessment of how assets should be grouped for analysis (e.g., by system, material and/or surface type); and a defined update cycle (e.g., once every 1 to 2 years).
Neither historic costs nor asset age can be reliably obtained at an asset level. Overall expenditures by work type and system are used as the basis for calculating asset value without relating expenditures to specific assets.
An asset inventory is available detailing asset age. Historic costs are not reliably tracked by asset but can be estimated using unit replacement costs and asset age
Actual costs of construction/asset purchases are tracked by asset.
Market value is estimated based on expert judgement and/or industry defaults.
Market value is established through a one-time analysis of asset resale or other data and updated in subsequent years based on inflation.
Market value is established through a well-documented process that includes: analysis of asset resale or other data; assessment of how assets should be grouped for analysis (e.g., by system, material and/or surface type); and a defined update cycle (e.g., once every 1 to 2 years).
Calculations of economic value rely on estimates of detour distance and speed to estimate changes in user costs from addition or removal of an asset, but do not attempt to quantify the impact of changes in travel demand.
Calculations of economic value rely on estimates of detour distance and speed to calculate changes in user costs from addition or removal of an asset. The elasticity of travel demand is used to estimate changes in traffic volumes.
Calculations of economic value utilize travel demand models to quantify impacts of potential changes to the network from addition or removal of an asset.