Cost benefit analysis of highway tunnel projects Sivas-Tokat highway Çamlibel tunnel example

In the 21st century, the need for transportation is increasing and new investments are required. Due to high transportation investment costs, countries should use their existing financial resources effectively. For this reason, necessary measurements and analyzes should be made to evaluate its contribution before making public investments. Cost benefit analysis is the most important analysis method that provides it. In the cost benefit analysis method, benefits and costs are compared by finding their financial value. In this study, cost-benefit analysis has been made for the tunnel project planned to be built on the Çamlıbel Pass on the Sivas-Tokat highway. In order to find the benefit, the benefits to be obtained from vehicle operating costs, passenger and passenger time costs, winter maintenance costs and accident costs were calculated. For cost calculation, tunnel construction cost, lighting and ventilation costs, tunnel operating costs were evaluated. Total benefits and total costs have been found. Later benefits and costs are updated to the same date. Benefit cost analysis has been done with three methods. In the benefit cost analysis made with the Net Present Value Method, the Net Present Value was calculated as 229 527 056 TL. In the Cost Utility Ratio method, the cost utility ratio is calculated as 1.43. It has been found that the implementation of the project is beneficial in both calculation methods. According to different discount rates, graph has been drawn using the Internal Rate of Return method. The internal rate of return has been calculated as 14.2 %. At the discount rates determined below this value, the investment project is considered to be financially beneficial. According to the available data, it is understood that the Çamlıbel Tunnel investment project has paid for itself in about 14 years. Considering all these calculations and their contribution to transportation, it has been concluded that it would be beneficial to make the Çamlıbel Tunnel project.