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INTRODUCTION

The topic selected for this project was ITAXI Cab services. The ITAXI Cab Services is aims at giving a very reliable means of transport for the residents of the estate. Most people in the area cannot afford a good car and also this creates a very complex means for the maintenances of the motor vehicles. Transport services are a major issue to the work going people and the school going children. There needs to be a provision of an elaborate solution to the residents. Most of the residents in the Victoria need a transport mechanism that can be efficient. The area, also has railway transit. Nevertheless, this has not provided the most efficient means to solve the problem since the same cannot Trans pass all the areas that one may need to access. The whole aim of the project, therefore, is to come up with a solution to an efficient means of transport which emphasizes on safety. It has been reported that travel by public transit has traffic casualties at around tenth compared to the rate as automobile travel. On the other hand, traffic casualty rate is a fifth the per capita rate of automobile oriented communities as the transit-oriented communities. This shows that the safety on the conventional transit project has been overlooked. Therefore, it means that this is disregarding the benefits that outweigh this statistic. A report in 2018 indicated that there is a potential for public transport services to a level of eighteen projects. The factors that are considered are horizontal and vertical equity, strategic development objectives, predictability and sustainability, potential revenue, public acceptance, travel impacts and implementation ease. One of the strategy to use is to provide services to affordable and the disadvantaged people and also attractive to the commuters.

OBJECTIVES

To complete the project successfully, there are specific objectives that have to be met with regard to the ease and affordable alternative means of transport for the residents of Victoria. The main goal of the project is to highlight the plight of the accessibility and ease of transport, security for their property and self, and their overall welfare. To realize this goal, three objectives will have to be realized. These objectives include;

1. Determining the affordable and efficient means of transport to the residents.

2. To come up with measures of ease in transport to the residents of Victoria

3. To determine the benefits of addressing safety of transport to the residents

The first objective seeks to highlight the specific challenges faced in the transport systems. A quality transit is much more than a vehicle; it is about an integrated system consisting of stops and compact stations and about high quality, encircled with a polyvalent and compact development, with good conditions of step and cycling, of good services of taxi, a reduced offer of parking and a social approval augmented by life without cars. The plans of transport together often act as catalyst for this type of development centered on the transport. To supplement the good transport system, my project is to come up with online taxi services that will enable one to book good taxis with good taxi navigation system and at an affordable cost. (Alam, Nixon and Zhang 2015). For instance, a route of particular transit could attract5,000 daily users in actual conditions; 6 000 if more employers gave passes of subsidized transport 7,000 if a local college school has an U-Pass program; 8,000 if the quality of service improves; 9,000 if the access to the park, the access of the pedestrians and the cyclists is ameliorated; and 10,000 if the prices of the parking increase.

In the second objective, the target will be to establish measures that can be employed by different stakeholders in Victoria to promote the welfare of the homeless. The indicator of this objective is the practicability of these approaches as applied in other regions, or even other forms of social disorders that have affected different parts of the world. The outcome of this objective also marks the attainment of the primary goals of the project which is to promote safety for the homeless. The third objective is determining the benefits resulting from enhancing the safety of the homeless. The target will be to highlight the social, economic and even political changes that are registered upon implementing homeless safety programs. The indicators on the other hand will be minimized body injuries among the homeless, reduced rate of theft, and in the long run, the establishment of permanent residence buildings that individuals in this group can call homes.

Price Changes

(Hensher and King 1998; Pratt 1999; TRL 2004; Litman 2004). There is lower elasticity for is reported for transit dependent riders than discretionary riders.There is lower elasticity in the large cities than small cities, while the elasticity for peak-hour travel is than the off-peak. Commuter Employers provide subsidized passes as financial Incentives to transit riders,increasing the efficacy if ridership (www.commutercheck.com). Increase in the parking pricingincreases the transit travel.

Responsibility

The transit elasticity averages at 0.5 which means that an increase in price at 1% will lead to the transit service frequency of 0.5% Pratt (1999). Nevertheless it varies with service type, demographic and geographic factors.

Cost and Revenue

The costs and revenues are specific to a route, system and line. To calculate the marginal cost per route, one can use a different method. Example is the is of Urban-Peak travels that tend to be higher on cost and higher on load factors as compare to the of-peak.

Efficiency Benefits

The benefits in terms of efficiency are savings and other benefits from transit alternatives to car travel. These include vehicle cost reductions, reduced number of drivers, congestion reduction, parking savings, improved safety and health, energy conservation, and reduced fuel costs. pollution emissions. These benefits are affected by the magnitude and type of reduced car travel. For example, reductions in car travel in urban areas tend to offer greater benefits than reductions in off-peak travel or in rural areas, due to a greater reduction in traffic congestion, parking costs and other costs.

Avoided Chauffeuring

The driver refers to additional automobile trips specifically to carry a passenger. You can also include taxi trips. This excludes carpooling, which means additional passengers in a vehicle that would make a trip anyway. A lot of time is spent by some motorists driving children to school and sports activities, family members at work and elderly parents in careers. These trips can be particularly inefficient if they force drivers to come and go empty. A trip of five miles makes 15 km of trip in total vehicle (Litman, 2015a). Drivers sometimes enjoy driving with a chauffeur.

Revenue Element

The revenues are estimated at rider subscription of on a monthly basis. The basis is estimated at minimum of 5000 customers each at a cost of $ 20per rider. At the same time, the drivers and the cab owners will each pay a minimum subscription of $ 100 in a month with a minimum estimation of 100 motor vehicles.

Cost Elements

The cost of the project involves the acquisition of computer software that will be used for the booking of the ITAXI Cabs Services. The same will involve having a marketing strategy with the schools nearby, work places and the neighboring houses to have a common pick up and drop points. The times will also be allocated where the cabs and the bus stops will pick and drop passengers. The cost of the software will also involve the safety measure to emergency and police station in case of emergencies. The cost of the software is estimated at $ 2, 000. The annual maintenance cost is estimated at $ 30 per month. The staff is estimated to earn a minimum of $ 50 in a month with a minimum of four employees. The rental costs are estimates at $ 300 in a month. Advertisements are estimated at 200 per month

The above assumptions are made on the basis of availability (when and where the public transit service is available) and coverage (part of a geographical area or the part of common destinations in one community, a reasonable distance from the transit service Litman (2008 and 2014).

In summary the present value of the costs can be shown in the table below

	Time Period
	0	1	2	3	4	5	Total
	Start	Middle	End
Software	2,000.00
Advertisement		360.00	360.00	360.00	360.00
Rent		1,200.00	1,200.00	1,200.00	1,200.00
Salaries		2,400.00	2,400.00	2,400.00	2,400.00
Software Maintenance		360.00	360.00	360.00	360.00
Printing and stationery		100.00	100.00	100.00	100.00
Total		4,420.00	4,420.00	4,420.00	4,420.00
PV @ MARR	2,000.00	4,262.30	4,110.22	3,963.57	3,822.15		18,158.22
PV @ SDR	2,000.00	4,249.59	4,085.75	3,928.23	3,776.78		18,040.36
MARR	3.70%	per period
SDR	4.01%	per period

As of November 2, 2018, Canada’s prime interest rate was 3.70% per year.According to Annex II of European Commission (2015), the discount rate is calculated by

where SDR = Social Discount Rate p = pure time preference, e = elasticity of marginal utility of consumption and g is expected per-capita consumption growth,

Using the Stern Review value reported in European Commission (2015) of 0.1%. This is very low, but not quite zero. According to Evans (2005, the elasticity of marginal utility of consumption for Canada is estimated between 1.25 and 1.3. The estimated annual growth rate is 3.01% ("Canada GDP Annual Growth Rate | 1962-2018 | Data | Chart | Calendar", 2018)

Thus SDR = p + eg = 0.1% + 1.3 x 3.01% = 4.01%.

The macro-costing will involve the initial software development while the micro-costing will involve the recurrent expenditures like the software maintenance. At the end of the five year period the software will not have a salvage value. The periods are also calculated based on a yearly basis but projections will remain constant over every month.

Reference

(2018). Vtpi.org. Retrieved 1 November 2018, from http://www.vtpi.org/tranfund.pdf

David Hensher and Jenny King (1998), “Establishing Fare Elasticity Regimes for Urban Passenger Transport: Time-Based Fares for Concession and Non-Concession Market Segmented by Trip Length,” Journal of Transportation Statistics, Vo. 1, No. 1, January 1998, pp.43-57.

Richard H. Pratt (1999-2004), “Traveler Response to Transportation System Changes, Report TCRP Report B12-A, TRB”Retrieved 1 November 2018, from www.trb.org/TRBNet/ProjectDisplay.asp?ProjectID=1034

Todd Litman (2008), “Build for Comfort, Not Just Speed: Valuing Service Quality Impacts In Transport Planning, VTPI”Retrieved 1 November 2018, from www.vtpi.org

Todd Litman (2014), “Evaluating Public Transportation Local Funding Options,” Journal of Public Transportation, Vol. 17, No. 1, pp. 43-74 Retrieved 1 November 2018, from www.nctr.usf.edu/wpcontent/uploads/2014/03/JPT17.1.pdf