Cost element ranges are the costs associated with an individual ITS element, such as a video camera for traffic surveillance or a dynamic message sign. A cost element may contain multiple components such as a camera, pole, and installation; these are generally listed in the “description” field. A range of costs (e.g., $500 to $1,000) is presented for the capital cost and annual operations and maintenance (O&M) cost of each element. An estimate of the length in years of its usable life is also presented to assist with the estimation of lifecycle costs or depreciation.

Cost element ranges are available in two formats: unadjusted and adjusted. Unadjusted costs are presented as the original value along with the dollar year. The dollar years vary over time and to account for these differences, each cost value is adjusted to a common year. Indexes maintained by the Bureau of Labor Statistics (e.g., Producer Price Indexes (PPI) and Consumer Price Indexes (CPI)) are used to adjust the unit cost values. Specific indexes representative of the ITS elements are used in the adjusted cost calculations. As opposed to inflation cost adjustments, many of the indices (e.g., the index applied to elements that contain electronic components) result in lower costs over time. For more information on the use of indexes to adjust cost element ranges see Unit Cost Indexes.