The application is discussed of the rank-based expected value method to land-use transportation plans in urban and regional contexts. Difficulties are discussed in the application of the benefit-cost method in plan evaluation. The rank-based excepted value method is presented as being simple in concept and application. Application of the method involves the following steps: (1) the rank ordering of plan objectives, (2) the rank ordering of plans under each objective, and (3) the estimation and assignment of a probability of implementation for each of the plan alternatives. The philosophy of rank ordering relates to the concept that intangible benefits and costs are easier to rank in preference order than they are to assign a scalar benefit or cost value. Detailed methodology of the rank- based excepted value method is presented and its application in the southeastern Wisconsin regional planning commission. The procedure used in applying the method in plan evaluation activity involved the following: (1) three plans were evaluated for each of the design standards, and the ranking of the plan under each objective was determined from the composite ranking of the plans for the design standards of the objectives, (2) each of the three objectives was ranked, (3) the probability of implementation of each plan was estimated, (4) the value of each plan was calculated, and (5) the plan with the highest plan value was selected for recommendation by the planning staff. It is believed that this method provides a contribution to a difficult aspect of urban and regional planning.
Abstract