A Heuristic Approach for Optimal Transportation Investment Decision-Making
Department of Civil, Architectural, and Environmental Engineering
Illinois Institute of Technology
This presentation begins with a brief introduction to the principle of transportation asset management aimed to select a subset of potential investment alternatives for implementation to achieve maximized overall benefits under budget and other constraints. It then illustrates a heuristic approach formulated as the zero/one doubly-constrained multidimensional knapsack problem that explicitly considers budget uncertainty and project implementation options for investment decision-making. The approach is applied to obtain a comprehensive highway investment plan for the Indiana state-maintained highway system. Finally, a number of research directions are discussed to further enhance existing models and methodologies for transportation asset management.