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DESCRIPTION:
The course is composed of two live Web conference presentations and a Web-based independent study. Between the two Web conference sessions the participant will complete the Web-based independent study module. In this course the basic terminology, concepts, and processes involved in Life Cycle Cost Analysis (LCCA) are presented. Deterministic and probabilistic life cycle cost analysis are presented. The factors to consider in the calculation of user costs are discussed, including operating conditions, traffic effects, and cost components. The course also covers the role of probability and simulation as it is applied in LCCA. Probability and simulation are tools used to better understand risk in the decision-making process. The course provides an understanding of risk, how to quantify it, and mitigate its effects; and includes discussion of data preparation, central tendency, variability, Monte Carlo Simulation, and other statistical tools. The course provides an example LCCA using the RealCost LCCA Software. The Fundamentals of LCCA course assumes proficiency in basic math skills. If you would like to review any basic math skills such as addition, subtraction, multiplication, division, or fractions, please consider completing FHWA-NHI-134072 before taking the Fundamental of LCCA course. You can register for this course on the NHI Web site at www.nhi.fhwa.dot.gov. The Web conferences are scheduled on the start and end dates listed for the session. As a participant you can anticipate to spend 90 minutes to 2 hours on each day of training, including the independent study on the second day. To receive CEU credits for the course, participants must complete a Web-based examination and course evaluation. OUTCOMES:
Upon completion of the course, participants will be able to:- Describe when to apply LCCA
- Explain the difference between initial and life-cycle cost
- Name the "five steps" of LCCA
- List the "four inputs" of an LCCA model
- Name three types of user costs
- Describe two methods used to accommodate uncertainty in LCCA
TARGET AUDIENCE:
This training targets design, maintenance, and materials engineers, finance managers, programming personnel, management systems personnel, planners and materials engineers. |
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The National Highway Institute (NHI) has been approved as an Authorized Provider by the International Association for Continuing Education and Training (IACET), 1760 Old Meadow Road, Suite 500, McLean, VA 22102. In obtaining this approval, NHI has demonstrated that it complies with the ANSI/IACET Standards which are widely recognized as standards of good practice internationally. As a result of their Authorized Provider membership status, NHI is authorized to offer IACET CEUs for its programs that qualify under the ANSI/IACET Standards.
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