Federal regulations and guidance define major investment studies (MIS) as a flexible framework that can be tailored to provide the information needed to make local decisions about transportation investments. It is intended to enhance the planning process by requiring consideration of a broad array of alternatives and higher levels of public participation early in the process. The consideration of mobility and accessibility improvements, and operating efficiencies in the development and evaluation of alternatives is encouraged, but no particular approach or level of detail is required concerning traffic demand analysis. This project examines 13 completed MISs to identify the state-of-the-practice of traffic demand analysis employed in Texas and around the country. An examination of the methods identified was compiled in a range of analysis alternatives from planning-level down to microscopic analysis of freeway flow. Guidelines are included to help agencies conduct an MIS that adequately addresses traffic demand.