Posted in Operations and Supply Chain Terms, Total Reads: 386
Definition: Port Authority
Port Authority refers to a public body that develops and manages ports and other transportation related infrastructure. It consists of a legislative body that can own lands, set fees and levy taxes. In their area of operation, they can operate airports, railway terminals, shipping terminals, roads and other facilities like irrigation etc.
Port Authority comes out with improvements time to time in order to provide services in more efficient manner. They make life of people easier through implementation of technology in transportation like smart cards, real time vehicle tracking, online reservation etc.
Their revenue comes from fare, taxes, advertisement and money from state. Their finances are also audited regularly through external agencies. They also act as regulating body and decide which route can be followed and which carriers can provide services. Port Authorities play significant role in economic development of any nation by interconnecting different regions for seamless transfer of people and goods both.