Page 280 - Big Data Analytics for Connected Vehicles and Smart Cities

260 Big Data Analytics for Connected Vehicles and Smart Cities Benefit and Cost Estimation For Smart City Transportation Services 261

Table 11.27
Connected, Involved Citizens and Visitors Benefit Estimate
Connected, Involved Citizens
Efficiency Benefit
Time spent traveling per person per day in hours 1.325
Time spent traveling per person per year 344.5
Cost of time spent traveling per year $344,500,000
Average value of travel time savings $13
Total cost of time spent traveling per year $4,306,250,000
Assumed reduction 2%
Annual benefits $86,125,000

Table 11.28
Integrated Electronic Payment Benefit Estimate
Integrated Electronic Payment
Efficiency Benefit
Time spent traveling per person per day in hours 1.325
Time spent traveling per person per year in hours 344.5
Total time spent traveling per year 344,500,000
Average value of travel time savings $12.50
Total cost of time spent traveling per year $4,306,250,000
Assumed reduction 10%
Annual benefits $430,625,000

a reduction in the cost of operation and emissions for private cars and trucks.
These benefits are derived from better route guidance and decision-quality in-
formation delivered into the vehicle and using connected vehicle technology to
implement strategies such as usage-based insurance to achieve an improvement
in safety. A 5% reduction in both types of accidents and emissions and operat-
ing cost for vehicles in the smart city.
Benefits for the connected, involved citizens and visitors service have been
estimated based on a 2% reduction in the time spent traveling. It is assumed
that better information regarding transportation choices can be provided to
citizens and visitors through the service and that this will lead to a reduction in
the time spent traveling. There could also be additional benefits in the form of
a reduction in the cost of travel, but this has not been included in the benefits
calculation since the cost of travel depends on numerous factors including the
level of tolls, ticket prices, and parking fees in the smart city.
Integrated electronic payment services benefits are derived on an assump-
tion that 10% of the time spent traveling per person every day can be saved