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strategies is to reduce the need for additional SOV trips, the choice of passenger-trip as a unit of measurement allows the most accurate benchmarking measure.

The value of a trip removed is measured in annualized dollars per additional passenger- trip. The value of a trip removed is obtained using the following formula:

Value of trip removed = Sum (per passenger-trip annualized benefits minus per passenger-trip annualized costs)

The unit of measure is expressed in current dollars, and the following procedure shows how to estimate the value of a trip removed and measure it in annualized dollars on a per passenger-trip basis. Equation (5) estimates the number of passenger-trips reduced per day. By assuming that this reduction will last for the duration of the program, the following identity can be established:

Trips Reduced/Day

=

Average Trips Reduced per Day/Year

=

Average Annual Daily Trips (AADT) Reduced

The identity signifies that the number of daily passenger-trips reduced stays constant throughout the duration of the program (no additional new daily passenger-trip reduction will be gained during each remaining day of the year). Therefore, the number of daily passenger-trips reduced is equivalent to the average annual daily trips reduced.

Next, the daily benefits of the program are computed. This is done by multiplying the number of reduced passenger-trips by the per trip benefit:

Trips Reduced/Day

X

Benefit($)/ Trip

=

Benefit ($)/Day

Next, daily benefits must be annualized. Assuming there are 235 working days in a year,16 then the total annual benefits are computed as:

Benefit ($)/Day

X

Work Days/Year

=

Benefit ($)/ Year

Now, recall that the number of daily passenger-trips removed is the same as the average annual daily trips removed, on an annualized basis, the annualized benefits per passenger- trip removed are computed as:

16

This assumes 10 days of holidays, 10 days of vacation, and 5 days of sick leave.

41

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