New framework guides station upgrade investments
Industry has a defined process for assessing the costs and benefits of large-scale projects. But there is no common process for smaller, performance-driven schemes.
These analyses are often done project-by-project. And they often use different approaches. Not having a common approach makes it hard to:
- compare different schemes
- look at the impact a scheme may have on key areas like station-related delays
- understand how the benefits of a scheme from one operator could be achieved by others.
We looked at how operators have been assessing these small-scale schemes.
The findings helped us create a common, robust framework for benefits quantification.
We set key outputs that any common approach should produce. We did this by engaging with train operators and Network Rail.
From this, we were able to make an analytical tool. We trialled and improved this tool against three case studies.
The framework ensures consistent assessments for all schemes. This helps the industry better compare the benefits of competing schemes. It also aids decision making.
Plus, having a stronger approach to calculating helps in post-project analysis. It makes clear if the forecast benefits were realised.
Pre-Covid delays due to station operations averaged 671,365 minutes per year. Each delay minute is worth about £50. This is over £33.5m of performance impact.
By improving investment decisions aimed at reducing these delays, this framework is highly valuable to industry.