Appraisal of rail projects

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Abstract
Many difficulties surround project appraisal in the rail sector regarding the definition of the base case, the potentially large number of options available, the interaction of individual rail projects, and the effects on the appraisal of assumptions about future price and service levels. Sensible project appraisal requires a clear vision of the objectives of the company and of the future mix of services, fares and quality to which it aspires. What is needed in Britain is a transport infrastructure programme in which all modes are treated on a comparable basis regarding both appraisal and funding.

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