Evaluation of road investment project effectiveness ; Investicinių automobilių kelių projektų efektyvumo įvertinimas

Abstract

Roads in Lithuania are financed only from collected road taxes; however, this funding is not sufficient for road maintenance and improvement. Lithuanian Road Administration under the Ministry of Transport and Communications allocates the funding received from European Regional Development Fund as follows: improvement of pavement of regional roads, implementation of traffic safety and environmental measures, and implementation of Gravel Roads Paving Programme. Since 2004 road projects in Lithuania have been financed from European Union funds. Unfortunately these financial resources are not sufficient for the implementation of all road investment projects in Lithuania. The problem of selecting the most effective road investment projects is becoming more and more acute. Road investment project alternatives have to be appraised in an integrated manner using mathematical models in addition to economic, social and environmental criteria. Scientific problem – road investment projects are often appraised from economic, social and environmental viewpoints separately by applying different mathematical models and without using the principle of sustainable development and multi-criteria appraisal methods for integrated analysis of road investments. [.]