Economic Results of Private Investments in the Road Infrastructure Projects: Does the HDM

The Highway Development and Management model (HDM-4) is a software system developed for the evaluation and optimization of the economic benefits of the road projects and is widely used both by practitioners, decision makers, international consulting companies, and academia. This article analyzes the application of the HDM-4 in the management of the private investment projects in the road sector thus trying to identify the main missing points for the evaluation of the big picture in the sector. The aim of the current study is to justify the need for the further development of a relevant plug-in tool for the HDM-4 to completely estimate the economic results of the projects in the road sector with private investments