About the research
This effort will take the results from the RWIS Life Cycle Cost Analysis Project findings and Task 6 final report to create an interactive tool. The purpose is to provide agencies a practical tool for performing life cycle cost analysis for their RWIS. This interactive tool will be developed in the form of Microsoft Excel to provide convenience and easy access to agencies. The interactive tool will include:
- An instruction sheet that introduces the tool and provides instructions on using the tool.
- A database that can store average cost information for RWIS components. For the initial tool development, average costs of RWIS and its components will be collected from one selected agency. The Aurora Program through the Institute for Transportation at Iowa State University will collect the data and other agency input variables. Alternatively, data already collected through the RWIS Life Cycle Cost Analysis Project may be used to supplement this database. The costs will include breakdown of capital equipment, installation, maintenance, upgrade and replacement costs.
- A data input feature. This feature will allow users to search the database to find and select the information and parameters for performing the analysis.
- A manual data entry feature. This will allow users to input tailored agency data for the analysis.
- An annualized cost calculation worksheet or worksheets.
- A benefits/savings estimation worksheet or worksheets.
- A summary result sheet that presents basic parameters used in the analysis, calculated annualized cost, life cycle cost, net present worth, and expected benefit-cost ratio.
Once the tool is developed and accepted by the project team, a 1-hour webinar will be conducted and recorded with the Aurora Board members to review the tool features and to demonstrate its use.
The final interactive tool will be made available to Aurora program members.