Europe’s largest construction project
Crossrail will increase London's rail capacity by 10%
Crossrail route will run >100km from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east.
40 Crossrail stations including 10 new stations
Crossrail will bring an extra 1.5 million people to within 45 minutes of central London
Total funding available to deliver Crossrail is £14.8bn
Costs outside the £14.8 billion funding package include the estimated £1 billion cost of buying trains, the majority of which will be funded directly by Transport for London
Guest presentation by Dr Michele Dix, Managing Director of Crossrail 2 (crossrail2.co.uk). Presented at the Institute for Transport Studies (ITS), University of Leeds, Feb. 2016.
[Copyright TfL, reproduced here with permission].
Martin Buck, Transition and Strategy Director at Crossrail, gave an overview of the governance arrangements, their evolution and lessons learned. This was an APM Governance SIG event on 17th December 2014.
Integrated Assurance and Audit at Crossrail, Robert Kemp, APM Assurance Specific Interest Group, Integrated Assurance - how to achieve it real organisations conference
Guest presentation by Dr Michele Dix, Managing Director of Crossrail 2 (crossrail2.co.uk). Presented at the Institute for Transport Studies (ITS), University of Leeds, Feb. 2016.
[Copyright TfL, reproduced here with permission].
Martin Buck, Transition and Strategy Director at Crossrail, gave an overview of the governance arrangements, their evolution and lessons learned. This was an APM Governance SIG event on 17th December 2014.
Integrated Assurance and Audit at Crossrail, Robert Kemp, APM Assurance Specific Interest Group, Integrated Assurance - how to achieve it real organisations conference
High Speed Rail- Need, Challenges, Key Issues and Options: Indian PerspectiveRajesh Prasad
A Paper titled:
"High Speed Rail- Need, Challenges, Key Issues and Options: Indian Perspective"
was presented during the 4th Annual South Asia Transport Infrastructure Conference 2016 held at Shanri-La's- Eros Hotel, New Delhi on 19-20 th september 2016 by Rajesh Prasad, IRSE, Chief Project Manager & Group General Manager, Rail Vikas Nigam Ltd, Kolkata
Community School of Music and Arts Public Relations Plan BookSabrina Knight
Worked with a local client, The Community School of Music and Arts in Ithaca NY, to develop a public relations plan in order to increase knowledge on the school and boost attendance at events like concerts and shows. Worked with four other students in my Public Relations class. Designed: Fall 2013
What PRASA is doing to improve the passenger rail service in the Western CapeTristan Wiggill
A presentation by Mr Eddie Chinnappen (GM in the office of the GCEO: PRASA) at the Transport Forum special interest group proudly hosted by TCT in Cape Town on 10 December 2015.
The theme for the event was: "Encouraging Public Transport". The topic of the presentation was: "What PRASA is doing to improve the passenger rail service in the Western Cape".
More like this on www.transportworldafrica.co.za
Project Management is a discipline of planning, organizing, motivating, controlling resources to achieve specific goals. The presentation tell you about "Konkan Railway Project" undertaken by Indian government. It in details tells you about the challenges faced, problems occurred, Risk involved, new technology used and many other details.
April 2003
Toyota Prius; Marketing Communications Plan
Executive Summary
Full service agency “Oakly & Oakley” has been asked to prepare a three-year communications plan for
the Toyota Prius, which is to be launched in the UK. Market analysis identified the target market, which
consists of two groups: private and corporate buyers. Next to the demographic profile, three different
psychographic profiles amongst the private buyer and their media usage have been identified.
Consequently a communications strategy that makes use of these media has been created. The
strategy will use PR, Advertising, direct mail and Personal Selling. TV, Print, Outdoor and the Internet
will be the main media. The Creative strategy is designed to emphasize the unique selling points of the
Prius and weaken the target markets objections. The budget has been allocated, however it is
suggested to change the allocation from £3m yearly to £4m, £3m, £2m in the course of the three
years. The majority of the budget will be spent on TV and print advertising.
Marketing Plan
Reposition of the Vodafone brand in the consumer's mind in the UK. Developed a marketing plan to address market challenges and reposition Vodafone in the UK market.
CCS Ready in Thailand: A Progress Report - Boonrasri TongpenyaiGlobal CCS Institute
This presentation was given as part of the CCS Ready workshop which was held in association with the 6th Asia Clean Energy Forum (20 – 24 June, Manila)
The workshop discussed the range of measures and best practices that can be implemented to prompt the design, permitting and construction of CCS projects when designing or building a new fossil fuelled energy or industrial plant.
The workshop hosted participants of the Asian Development Banks’ Regional Technical Assistance Program who updated the group on the outcomes of their individual projects.
This presentation provides an update on the current project being undertaken under the Asian Development Bank’s Regional Technical Assistance Program which aims to conduct an analysis of the potential for CCS, culminating in a road map for a CCS demonstration project in Thailand.
High Speed Rail- Need, Challenges, Key Issues and Options: Indian PerspectiveRajesh Prasad
A Paper titled:
"High Speed Rail- Need, Challenges, Key Issues and Options: Indian Perspective"
was presented during the 4th Annual South Asia Transport Infrastructure Conference 2016 held at Shanri-La's- Eros Hotel, New Delhi on 19-20 th september 2016 by Rajesh Prasad, IRSE, Chief Project Manager & Group General Manager, Rail Vikas Nigam Ltd, Kolkata
Community School of Music and Arts Public Relations Plan BookSabrina Knight
Worked with a local client, The Community School of Music and Arts in Ithaca NY, to develop a public relations plan in order to increase knowledge on the school and boost attendance at events like concerts and shows. Worked with four other students in my Public Relations class. Designed: Fall 2013
What PRASA is doing to improve the passenger rail service in the Western CapeTristan Wiggill
A presentation by Mr Eddie Chinnappen (GM in the office of the GCEO: PRASA) at the Transport Forum special interest group proudly hosted by TCT in Cape Town on 10 December 2015.
The theme for the event was: "Encouraging Public Transport". The topic of the presentation was: "What PRASA is doing to improve the passenger rail service in the Western Cape".
More like this on www.transportworldafrica.co.za
Project Management is a discipline of planning, organizing, motivating, controlling resources to achieve specific goals. The presentation tell you about "Konkan Railway Project" undertaken by Indian government. It in details tells you about the challenges faced, problems occurred, Risk involved, new technology used and many other details.
April 2003
Toyota Prius; Marketing Communications Plan
Executive Summary
Full service agency “Oakly & Oakley” has been asked to prepare a three-year communications plan for
the Toyota Prius, which is to be launched in the UK. Market analysis identified the target market, which
consists of two groups: private and corporate buyers. Next to the demographic profile, three different
psychographic profiles amongst the private buyer and their media usage have been identified.
Consequently a communications strategy that makes use of these media has been created. The
strategy will use PR, Advertising, direct mail and Personal Selling. TV, Print, Outdoor and the Internet
will be the main media. The Creative strategy is designed to emphasize the unique selling points of the
Prius and weaken the target markets objections. The budget has been allocated, however it is
suggested to change the allocation from £3m yearly to £4m, £3m, £2m in the course of the three
years. The majority of the budget will be spent on TV and print advertising.
Marketing Plan
Reposition of the Vodafone brand in the consumer's mind in the UK. Developed a marketing plan to address market challenges and reposition Vodafone in the UK market.
CCS Ready in Thailand: A Progress Report - Boonrasri TongpenyaiGlobal CCS Institute
This presentation was given as part of the CCS Ready workshop which was held in association with the 6th Asia Clean Energy Forum (20 – 24 June, Manila)
The workshop discussed the range of measures and best practices that can be implemented to prompt the design, permitting and construction of CCS projects when designing or building a new fossil fuelled energy or industrial plant.
The workshop hosted participants of the Asian Development Banks’ Regional Technical Assistance Program who updated the group on the outcomes of their individual projects.
This presentation provides an update on the current project being undertaken under the Asian Development Bank’s Regional Technical Assistance Program which aims to conduct an analysis of the potential for CCS, culminating in a road map for a CCS demonstration project in Thailand.
Presentation by Tom Worsley, Visiting Research Fellow, delivered as part of the annual series of Beesley lectures, organised by the Institute of Economic Affairs at the Institute of Directors in London.
Routes to Clean Air 2016 - Dr Jon Lamonte, Transport for Greater ManchesterIES / IAQM
Talk title: Air Quality and Interventions in Greater Manchester
Routes to Clean Air is a two-day conference from the IAQM where academics, professionals and policy makers share their experiences of improving traffic emissions.
This event highlights the importance of public communication and behavioural change surrounding road transport and air quality issues.
This webinar is intended to show how a “Smart Cities” approach contributes to achieving the Nationally Determined Contribution (NDC) of countries and the reversal of Climate Change.
Urban growth, sustainability and needs for a greener life, are driving the requirement to make cities smarter, more efficient, and sustainable for their residents. The context is extremely challenging; characterized by growing commitments, limited resources aggravated by the COVID -19 pandemic.
Energy, Mobility, Building & Construction, Water & Waste Management assisted by New Technologies are the evolving battlefields of “Smart Cities,” as they strive to achieve the ambitious targets of a greener environment.
In this webinar Yohan Abrahams will show how Transport for London (TFL) pursues these objectives in the UK Capital, followed by Mark Cannata who will explain how Kassandra; a multi-dimensional research and design approach, is helping to take a whole-system view of the historic urban environment.
Also see: http://bit.ly/1vjtYg8
Professor Chris Nash spoke on heavy goods vehicle charging at the Australian Competition and Consumer Commission Conference on regulation in Brisbane on 8th Aug 2014.
www.accc.gov.au/about-us/conferences-events/accc/aer-regulatory-conference/accc-aer-regulatory-conference-2014
This newsletter summarises the West of England's Joint Transport Study, the challenges facing the area and ideas for the future. Find out more on www.jointplanningwofe.org.uk
This is a revision presentation on aspects of the privatisation of the Royal Mail - an important milestone in the history of privatisation in the UK economy.
This is an updated version of a slideshow revision presentation on the way in which different charts are presented in economics exams and some tips for handling the data in your answers.
AS Macro Question - Falling UnemploymentEton College
This is a revision resource for students taking the EdExcel unit 2 economics paper - suggesting a way of approaching the 30 mark question and scoring high marks for evaluation.
Europe’s largest construction project
Crossrail will increase London's rail capacity by 10%
Crossrail route will run >100km from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east.
40 Crossrail stations including 10 new stations
Crossrail will bring an extra 1.5 million people to within 45 minutes of central London
Total funding available to deliver Crossrail is £14.8bn
Costs outside the £14.8 billion funding package include the estimated £1 billion cost of buying trains, the majority of which will be funded directly by Transport for London
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
1. Cross Rail
Applying the ideas of cost benefit
analysis to a major transport
investment project
2. Follow Geoff Riley on Twitter
@tutor2u_econ
For the AS micro exam, follow the hash
tag #econ1
www.tutor2u.net for extra revision
resources
3. Basics of the Crossrail Project
• Europe’s largest construction project
• Crossrail will increase London's rail capacity by 10%
• Crossrail route will run >100km from Reading and Heathrow in
the west to Shenfield and Abbey Wood in the east.
• 40 Crossrail stations including 10 new stations
• Crossrail will bring an extra 1.5 million people to within 45
minutes of central London
• Total funding available to deliver Crossrail is £14.8bn
• Costs outside the £14.8 billion funding package include the
estimated £1 billion cost of buying trains, the majority of
which will be funded directly by Transport for London
Source: Cross Rail website
4. Funding of Crossrail
• “Crossrail is being financed by a combination
of government grants, fares and an
enhancement of land values. A business-rate
supplement of 2p on non-domestic properties
with a rateable value of £55,000 or more
created £4 billion for the project, nearly as
much as the government is providing.”
(Source: The Economist, November 2013)
Benefit-Pay Principle: Over 60 per cent of Crossrail’s funding will come from
Londoners and London businesses
8. Basics about cost benefit analysis
• Cost-benefit analysis is a framework and
quantitative tool to inform policy making and
decisions
9. Costs Benefit Analysis Process
• Set key objectives for the project
• Set project decision criteria i.e. benefit to cost ratio
• Identify and value the costs of the project
• Identify and value the benefits of the project
• Consider distributional effects e.g. On inequality
• Discount annual value of future benefits (crucial)
• Adjust for risks and uncertainties
• Consider unvalued / non-monetised costs and benefits
• Measurement of the expected net social return
• Compare with expected returns from other projects i.e.
The opportunity cost
10. Some of the main aims of Crossrail
Improve
transport
efficiency
Promote
economic
growth
Increase
competitiv
eness
Improve
consumer
welfare
Social
welfare and
equity
11. Some of the main aims of Crossrail
Improve
transport
efficiency
Promote
economic
growth
Increase
competitiv
eness
Improve
consumer
welfare
Social
welfare and
equity
Traditional cost-
benefit analysis can
leave out important
macroeconomic
effects
How important will
Crossrail be to the
wider health of the UK
economy?
12. Crossrail and Economic Growth
• Aggregate demand
• Incentives to work
• Cost of labour
• Labour market
efficiency and skills
• Market competition
• Trade
• Enterprise and
Innovation
• Investment
Drivers of
Growth
13. Social Benefits and Social Costs
• Social benefit is the accumulation of
– Private benefits to the agents involved
– External benefits to third parties
• Including environmental benefits
• Community benefits
• Social cost =
– Private costs (internal costs)
– External costs arising from a project
14. Social Benefits and Social Costs
• Social benefit is the accumulation of
– Private benefits to the agents involved
– External benefits to third parties
• Including environmental benefits
• Community benefits
• Social cost =
– Private costs (internal costs)
– External costs arising from a project
15. Main Objectives of Crossrail
Relieve congestion to
the transport
network in and
around London
Accommodate future
travel demand
growth
Improve connectivity
and reduce journey
times
Deliver wider
economic impacts,
including supporting
economic growth
16. Main Objectives of Crossrail
Relieve congestion to
the transport
network in and
around London
Accommodate future
travel demand
growth
Improve connectivity
and reduce journey
times
Deliver wider
economic
impacts, including
supporting economic
growth
17. Main Objectives of Crossrail
Relieve congestion to
the transport
network in and
around London
Accommodate future
travel demand
growth
Improve connectivity
and reduce journey
times
Deliver wider
economic impacts,
including supporting
economic growth
18. Main Objectives of Crossrail
Relieve congestion to
the transport
network in and
around London
Accommodate future
travel demand
growth
Improve connectivity
and reduce journey
times
Deliver wider
economic
impacts, including
supporting economic
growth
19. Main Objectives of Crossrail
Relieve congestion to
the transport
network in and
around London
Accommodate future
travel demand
growth
Improve connectivity
and reduce journey
times
Deliver wider
economic
impacts, including
supporting economic
growth
London's population is
set to grow from 8.4
million today to
around 10 million by
2030 – higher density
of population
It is estimated that,
when finished,
Crossrail will generate
75,000 business
opportunities and
support 55,000 full
time jobs in the UK
20. Main Economic Benefits of Crossrail
Passenger
travel time
savings
Congestion
relief
Improved
journey
ambience
and station
accessibility
21. Main Economic Benefits of Crossrail
Passenger
travel time
savings
Congestion
relief
Improved
journey
ambience
and station
accessibility
Source: Crossrail
22. Wider Economic Benefits of Crossrail
Passenger
travel time
savings
• A more
comfortable
journey
Congestion
relief
Improved
journey
ambience
and station
accessibility
Increased
productivity
from greater
clustering of
firms
Employment
creation
effects
Makes
London more
attractive for
inward
investment
24. Economic concepts relevant here
• Consumer surplus – e.g. From lower fares
• The value of time / leisure (time saved)
• Economies of scale – agglomeration effects
from supporting the growth of cities
How do you measure the value of enjoyment from
being in cleaner, more accessible stations? Or the value
of less stress from reduced congestion? Not all of the
benefits can be valued easily or precisely!
25. Crossrail and house prices
One in five new build homes
sold in London since 2009
were within 1 mile of a
Crossrail station
Housing transactions within a
mile of Crossrail stations grew
by 21% in 2013 against a
London average of 13%
26. Economic Costs of Crossrail
Construction costs
of new
infrastructure
Costs of running
and maintaining
new infrastructure
Reduced indirect
tax revenue
because of fall in
car use
27. Economic Costs of Crossrail
Construction costs
of new
infrastructure
Costs of running
and maintaining
new infrastructure
Reduced indirect
tax revenue
because of fall in
car use
28. Economic Costs of Crossrail
Construction costs
of new
infrastructure
Costs of running
and maintaining
new infrastructure
Reduced indirect
tax revenue
because of fall in
car use
29. Economic and External Benefits / Costs
Type Costs Benefits
Economic • Construction costs
• Operating costs
• Cost of capital (interest
on loans)
• Potential health and
safety costs / insurance
liability
• Lower transport costs for
businesses
• Time savings for travellers
and businesses
• Potential innovation spill-
overs and export potential
in and around London
Social • Externalities from
construction
• Landscape issues
• Increased noise /
congestion in and
around new stations
• Regeneration in potentially
deprived communities
• Potential re-skilling of
workforce employed
• Lower CO2 and other
emissions
30. Economic and External Benefits / Costs
Type Costs Benefits
Economic • Construction costs
• Operating costs
• Cost of capital (interest
on loans)
• Potential health and
safety costs / insurance
liability
• Lower transport costs for
businesses
• Time savings for travellers
and businesses
• Potential innovation spill-
overs and export potential
in and around London
Social • Externalities from
construction
• Landscape issues
• Increased noise /
congestion in and
around new stations
• Regeneration in potentially
deprived communities
• Potential re-skilling of
workforce employed
• Lower CO2 and other
emissions
31. Benefit forecast
• “The business case for the line estimates that
Crossrail will produce £1.97 of benefit for every
£1 of cost, through reduced journey
times, reduced crowding on public transport and
quicker interchanges between services.”
• “This is within the Transport Department’s
definition of ‘medium’ value for money, a range
of 1.5 to 2. If estimated wider economic benefits
are included, the benefit–cost ratio increases to
3.1”
• Source: Audit Commission Report, January 2014
32. The Economist (April
2014)
“Big infrastructural
projects often make
economic sense only
when consumer surplus is
taken into account.”
“Time savings are often
the biggest element of
transport benefits.”
33. COBA Problems: Monetising Values
• Some can be assigned a monetary value
– Time savings e.g. For passengers and businesses
– Operating costs of the project
– Value of carbon emissions e.g. Lower CO2 from less
car use
– Risk of death or injury
• Other variables much harder to assign values
– Bio-diversity
– Water quality
– Air quality
– Heritage
– Social inclusion / accessibility
34. COBA Problems: Monetising Values
• Some can be assigned a monetary value
– Time savings e.g. For passengers and businesses
– Operating costs of the project
– Value of carbon emissions e.g. Lower CO2 from less
car use
– Risk of death or injury
• Other variables much harder to assign values
– Bio-diversity
– Water quality
– Air quality
– Heritage
– Social inclusion / accessibility
35. COBA Problems: Uncertainties
• Many uncertainties / risks involved in major
projects with long construction times and even
longer operating times
1. Forecast errors for passenger numbers
2. Uncertainties about population growth
3. Uncertainties about operating costs
4. Future business growth / types of businesses /
impact of new technologies
Supporters of projects may suffer from optimism
bias when evaluating a project