IMPACT OF NEW APPROACHES ON THE DEVELOPMENT OF ECONOMIC EVALUATION METHODOLOGY FOR TRANSPORT INFRASTRUCTURE PROJECTS IN THE CZECH REPUBLIC

Projects in the field of transport infrastructure form a very important part of public investments in the Czech Republic. For this reason it is essential that only those projects that meet the requirements for achieving economic efficiency and acceptable risk levels should be implemented. Currently, the assessment of economic efficiency and risk management in the Czech Republic are dealt with separately for each fundamental means of transport, i.e. road, rail and water. There is an individual methodology for each of these areas. Each of these methods has worked with characteristics of the specific transport sector in its own evolution. With the newly coming legislation, particularly from the European Commission, there has been a need of transformation of used methodologies specifically into a form that complies with European legislation. The subject of this paper is a detailed analysis of the new requirements for economic evaluation of projects in the areas of road, rail and water infrastructure and comparing them with capabilities of existing methodologies in fulfilment of these requirements. The outcome of the paper has been a list of recommendations leading to the projection of the acquired information into existing approaches to the economic evaluation of projects and the creation of a new comprehensive methodology. The outputs of the paper have been very important arguments for the subsequent discussion about the final form of a new comprehensive evaluation methodology for transport infrastructure projects in the Czech Republic.