Transportation projects often require large initial investments and are
expected to generate benefits extending far into the future. Thus, there is a
need to compare benefits and costs that occur at different periods over time.
Since money has a time value, the same amount of money at different time
periods does not have the same value. Therefore, it is important to convert
costs and benefits into equivalent values when conducting a Cost-Benefit
Analysis (CBA). A special category of transportation projects is that of
Intelligent Transport Systems (ITS). ITS comprise innovative solutions for
travel demand and traffic management, and it is expected to play a key role
in future sustainable urban development plans. Compared to other
transportation projects, ITS have a lower initial investment. In this paper a
framework based on a CBA is presented, assessing costs and benefits of three
ITS projects implemented in Thessaloniki, Greece. The paper refers to future
developments of ITS in the city of Thessaloniki. The examined systems have
already been developed as demonstration systems in various regions throughout
Europe. The benefits of the systems have been transferred and scaled up, so
as to be in line with the specific characteristics of the Greek environment.
Intelligent transport systems deployment in Thessaloniki: Assessment of costs and benefits