Quantitative VfM evaluation of urban rail transit PPP projects considering social benefit

• Published in: Research in transportation business & management 2023-08, Vol.49, p.101015, Article 101015
• Main Authors: Liu, Bo, Ji, Jie, Chen, Jian, Qi, Minjing, Li, Shuaijun, Tang, Liang, Zhang, Kaize
• Format: Article
• Language: English
• Subjects: Quantitative evaluation; Quantitative value-for-money evaluation; Social benefit; Urban rail transit PPP project
• ISSN: 2210-5395
• DOI: 10.1016/j.rtbm.2023.101015

Urban rail transit is a crucial component of modern urban transportation systems. This study focuses on the value-for-money (VfM) quantitative evaluation, specifically examining the existing evaluation system in the context of China and Public-Private Partnership (PPP) characteristics. Drawing insights from value engineering, the study addresses the shortcomings of the current VfM evaluation system. Additionally, it introduces the quantification of social benefits into the quantitative evaluation of PPP projects in urban rail transit. The paper presents a novel quantitative evaluation system for VFM, considering social benefits, and provides a calculation flow specifically tailored for PPP projects in urban rail transit. Furthermore, the study identifies and presents quantitative methods for assessing the social benefits of urban rail transit projects. Overall, this research contributes to the advancement and enhancement of quantitative VfM evaluation in PPP projects, serving as a valuable reference for quantifying the social benefits of urban rail transit projects and informing policies related to urban rail transit PPP projects.