Alternative Methods of Project Selection
Assuming the precise definition of project objectives and appraisal of all the proposed investment alternatives relative to all their transportation and nontransportation impacts, the next step in the evaluation process demands selection of the optimal or preferred project alternative (see Figure 2.2, Chapter 2). If one alternative appears superior to all others relative to all the criteria, no selection process is necessary. This rarely being the case, the question becomes that of choosing a procedure to determine the optimal alternative. The current chapter focuses on this issue by examining various methods that can assist decision makers in identifying the optimal project alternative.