- In this study, we propose a weighted integer goal-programming model for investment prioritization of railway projects. The model's objective is to maximize objectives while staying within the budgetary constraints for capital investments while prioritizing the mentioned schemes for investment. The case study also estimates how more passengers would utilize rail if ticket costs were reduced. The proposed model reduces the objectives' target deviations. The model's objectives cover both quantitative and qualitative traits. Even if the objective is to maximize all traits, the investment choice is based on available funds. When making a decision relies on economic advantages, revenue, or qualitative target scores, the research suggests investment alternatives at various capital investment levels. In order to increase the outcome of the Pakistani railway department while staying within the allotted budget, the proposed model presents a case study to upgrade the current railway tracks and, in addition, to create a new proposed railway track network. The proposed approach is specifically used to priorities the upgrading of the railway track between Peshawar and Karachi for capital expenditure, which was recognized and studied by Pakistan's department of transport.  Furthermore, we have compared the results of the existence railways track and the proposed optimal railway tracks in Pakistan for the case study by using classical optimization techniques. The obtained results for the case study indicate the effectiveness of the proposed railway model for the user benefits as compared to the existing railway model.

Keywords: mathematical modeling; weighted integer goal-programming; optimal railway model; profit maximization; cost minimization