Flexible Design of Airport System Using Real Options Analysis - MIT
Flexible Design of Airport System Using Real Options Analysis - MIT
Flexible Design of Airport System Using Real Options Analysis - MIT
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12/14/2007<br />
1.231 Planning and <strong>Design</strong> <strong>of</strong> <strong>Airport</strong> <strong>System</strong> Dai Ohama<br />
new project really optimal? Can the design <strong>of</strong> this project respond to the future<br />
uncertainty?<br />
The current design <strong>of</strong> Runway D consists <strong>of</strong> the Runway (R/W) and the Parallel<br />
Taxiway (PT/W). At the Runway D, airplanes depart from south to north and land from<br />
north to south, and the projected capacity is based on this operation. A parallel taxiway is<br />
usually necessary for a runway since airplanes have to move to a runway in order to take <strong>of</strong>f<br />
and to go to terminal after landing. But at this Runway D, a parallel taxiway will be used<br />
only when those airplanes which are running for take<strong>of</strong>f stop and return to the terminal.<br />
This possibility is very low. Because there is turning pad at the end <strong>of</strong> the runway, it is<br />
possible that those airplanes which are running for take<strong>of</strong>f return to the terminal by using<br />
this area. Therefore, the operation frequency <strong>of</strong> the PT/W is extremely low. In addition,<br />
the area at the south edge <strong>of</strong> the runway (S/E), is also not used since airplanes do not depart<br />
and land this way. Therefore, PT/W & S/E are not necessary for the currently planned<br />
operation, and it can be said that this runway island is not designed optimally. This project<br />
was based on taxpayers’ money (¥570 billion) and it is excessively invested, so it is<br />
indispensable to evaluate if the PT/W and S/E is worthwhile investing or not.<br />
North<br />
Departure<br />
Runway<br />
(R/W)<br />
South<br />
Arrival<br />
Parallel Taxiway<br />
(PT/W)<br />
South Edge<br />
(S/E)<br />
In the currently designed<br />
operation, these areas<br />
are not necessary.<br />
Existing<br />
<strong>Airport</strong><br />
Figure 2-5 Operation Concepts <strong>of</strong> Runway D<br />
Term Project: <strong>Flexible</strong> <strong>Design</strong> <strong>of</strong> <strong>Airport</strong> <strong>System</strong> Page 4 <strong>of</strong> 22