Use your PIARC access.> Create an account> Forgot your password?
Road Network Operations
& Intelligent Transport Systems
A guide for practitioners!
The deployment of ITS projects requires visionary strategic planning and sound project appraisal. Strategic planning sets the vision and roadmap. (See Strategic Planning) Project appraisal sifts and ranks beneficial projects competing for scarce resources to inform the investment decision. (See Project Appraisal) In a continuous planning and deployment process, an effective approach to implementing project(s) is required to secure best value for money.
It is important to address the factors that underpin the appropriate procurement decision. In other words, having judged that an ITS project represents a sound investment because its benefits are assessed to far outweigh expected costs - how should the project be procured and implemented? This involves:
Funding is defined by the Concise Oxford Dictionary as "a sum of money made available for a particular purpose". It is often confusingly and unhelpfully used interchangeably with financing - which is better defined as "providing funding".
PIARC Technical Committee A2 Financing, Managing and Contracting Road System Investment 2008-2011 clarified by defining "financing" as "provision of the capital to cover the cost of an investment project" whereas "funding" as "provision of financial resources by the public sector, aid donors, users (taxpayers, and toll payers) and/or other beneficiaries for an investment project".
PIARC Terminologies gives the full definitions of funding and financing.
This differentiation is particularly helpful in clarifying stakeholder responsibilities, mapping out cash-flow timings, pinpointing underlying causes of delay or failure in deployment, and developing and progressing a portfolio of beneficial projects that are affordable.