lifecycle costs analysis
(i)In this subparagraph, the term “lifecycle costs analysis” means a process for evaluating the total economic worth of a usable project segment by analyzing initial costs and discounted future costs, such as maintenance, user, reconstruction, rehabilitation, restoring, and resurfacing costs, over the life of the project segment. (ii)The Comptroller General shall conduct a study of the best practices for calculating lifecycle costs and benefits for federally funded highway projects, which shall include, at a minimum, a thorough literature review and a survey of current lifecycle cost practices of State departments of transportation. (iii)In carrying out the study, the Comptroller shall consult with, at a minimum— (I)the American Association of State Highway and Transportation Officials; (II)appropriate experts in the field of lifecycle cost analysis; and (III)appropriate industry experts and research centers. (E)Not later than 1 year after the date of enactment of the Transportation Research and Innovative Technology Act of 2012, the Comptroller General shall submit to the Committee on Environment and Public Works of the Senate and the Committees on Transportation and Infrastructure and Science, Space, and Technology of the House of Representatives a report on the results of the study which shall include— (i)a summary of the latest research on lifecycle cost analysis; and (ii)recommendations on the appropriate— (I)period of analysis; (II)design period; (III)discount rates; and (IV)use of actual material life and maintenance cost data.