Institute for Transport Studies (ITS)

Transport Investment Appraisal (London)

This rail-focused course runs on demand. It ran most recently in May (2017). Further runs are expected in 2017/18. Please contact cpd(at) for information.

This 2-day course equips participants with skills to undertake transport investment appraisal. Starting from the principles of cost-benefit analysis and financial appraisal, the course covers the key methods and techniques, and includes worked examples and case studies. This particular course has a rail focus, although some road-based packages will be cited alongside rail examples, as well as multi-modal packages. Recent technical developments and appraisal issues are also covered.

The course is suitable for those who are new to the field, and for more experienced professionals seeking to refresh their knowledge.

Outline programme 

  • Principles of project appraisal; financial appraisal and cost-benefit analysis;
  • Business cases, WebTAG, multi-criteria frameworks and decision-making;
  • Capital budgeting; discounting; acceptance tests; choice between alternatives; capital rationing; ex post evaluation; allowing for risk and uncertainty in transport appraisal; examples;
  • Valuation of costs and benefits (1); willingness to pay methods (RP & SP); valuation of travel time benefits and the productive use of time;
  • Valuation of costs and benefits (2); service quality, safety and environmental impacts; health benefits and urban realm
  • Appraisal for different modes of transport: in particular rail and road – including walking and cycling, buses and freight
  • Social and distributional impacts
  • Wider economic impacts of transport
  • The role of appraisal in decision-making in the UK, and international comparisons. 

The course benefits from the considerable expertise of research-active staff and draws upon ITS’ experience working with the rail industry, the Department for Transport (DfT), regional & local authorities, and other prominent organisations. For further information about the course content or its relevance to your work please contact: +44 (0) 113 343 9904, email: cpd(at)

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