This guidebook was prepared as part of Airport Cooperative Research Program (ACRP) 03-19: Passenger Value of Time, Benefit-Cost Analysis and Airport Capital Investment Decisions. The purpose of this research is to provide an up-to-date understanding of how recent airport developments, such as changes in security measures since 9/11, the proliferation of airside passenger amenities, and the adoption of new technology (e.g., Internet, mobile phone, wireless devices, and portable computers), have changed the way travelers value efficient air travel. This guidebook provides a method for airport owners and operators to determine how their customers value the travel time impacts of efficiency improvements. The economic values presented in this guidebook are derived from a review of past research studies and a survey of air travelers conducted during the spring of 2013. The survey respondents comprised 1,260 travelers who made flights between 172 distinct origin airports and 148 distinct destination airports throughout the country. The results of the survey provide estimates of how travelers value their time for different segments of an air trip. The value of time estimates presented in this guide represent a significant improvement over existing estimates. This guide provides updated travel time values that are specific to ten different segments of airport trips, differentiate between business and leisure travelers, and allow income levels to be taken into consideration. It describes a process for using travel time valuations in estimating the relative benefit or cost effectiveness of proposed airport capital investments. The process allows for decision makers to screen whether particular airport projects warrant the use of the more detailed values of time presented in this guide and to identify the types of travel time savings that are likely to occur for particular types of projects. The guidebook also provides three examples of applying the guidance that are based on different types of airport improvements, and provides recommendations for further research to improve and update the values of travel time savings and to enhance airport planning and investment analysis.