The process of capital investment at US public portst

It is virtually impossible for a US public port authority to be totally proactive in its behaviour since there are too many major factors that affect its future that cannot be controlled or even anticipated by the port staff. Conversely, it is also virtually impossible for a public port authority to be totally reactive since the time window between decision and implementation often exceeds the time window of opportunity. For a public port authority to maintain long-term viability, it must constantly review the facilities it owns, the services it offers, and the source of the revenues it generates. This on-going review should determine how well the Port is adhering to its mission and accomplishing its goals and objectives as set out in the Port's strategic plan. Today, a major management challenge for any viable Port is prioritizing goals and maintaining a policy that ensures clear focus on the highest priority goals. Determining priorities amongst capital projects should be high on the list of any public port authority. This paper provides an overview of the decision-making processes used by American public port authorities in evaluating new capital projects and, we hope, an insight into processes for determining the desirability of expanding, contracting, or terminating present facilities and services.