| Summary: | Designing a flexible system with real options is a method for managing uncertainty. In this research, Intelligent Transportation System (ITS) capabilities were used to create a flexible transportation system, capable of coping with multiple uncertainties. Specifically, HOT, BRT and TOT managed lanes were examined in a case study centered in Houston, Tx, to determine the benefits of flexibility these capabilities provide. A qualitative analysis procedure utilizing regional traffic demand modeling and real options analysis was utilized to assess these benefits. It was found that ITS managed lanes can be configured in multiple ways to create flexibility in transportation systems, each of which provides value when dealing with uncertainty.
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