Feasibility evaluation model for toll highways

This report describes the development of a Feasibility Evaluation Model for Toll Highways (FEMTH). FEMTH is a financial feasibility and risk analysis computer model developed to assess the degree of financial risk associated with a toll highway project in the pre-project planning stage. The model incorporates the use of simulation through a spreadsheet add-in that enables probabilistic risk analyses of the most important variables that affect the financial outcome of a toll highway project. The major contributions of this study are: (1) the development of a toll highway pre-project planning tool that integrates probabilistic risk analysis and simulation concepts that were not of practical use before into an affordable and easy to use computer model, and (2) a conceptual and mathematical representation of the major variables that affect the financial outcome of a toll highway project and their interaction.

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