ASCE teamed with the Eno Center for Transportation to author Maximizing the Value of Investments Using Life Cycle Cost Analysis. The report, released yesterday at a Capitol Hill briefing, surveyed industry practitioners and policymakers on their current use of life cycle cost analysis (LCCA), and their beliefs on what role it should play in the decision-making process. It also features six case studies that demonstrate the benefits of implementing LCCA.
While almost all those surveyed said it should be part of the process, only 59% said it was currently being used.
Using LCCA is an “emerging and significant topic,” said Greg Nadeau, acting administrator of the Federal Highway Administration. He was one of the industry experts that shared unique perspectives on the report and how LCCA can benefit transportation project planning during yesterday’s event, which you can watch in-full on YouTube.
Nadeau pointed to the need for maximizing investment as the nation faces constrained budgets and aging infrastructure.
Beth Osborne from Transportation for America, and ASCE Industry Leaders Council member Christopher Stone, president of Clark Nexsen, shared viewpoints from different perspectives on the current use of LCCA in the industry and the value of increasing its implementation.
Osborne believes using LCCA will become easier very quickly, as greater implementation will lead to a discovery that the data needed is already in existence in unexpected places. To help support civil engineers as they incorporate LCCA into decision-making, Stone shared that a course to train leaders in LCCA is critical, as it will reduce the barriers to entry.
This report is only a step in incorporating LCCA more broadly. As Nadeau concluded: “This is an iterative process. We will never just rest on our laurels.”