This study aimed at applying and evaluating a new approach for analyzing life-cycle costs for road components during the road planning and design process. Road median barriers were chosen as an example. The approach is based on a method called “Activity-Based Life-Cycle Costing using the Monte Carlo Simulation” for managing future costs and the associated risks. The results show a potential for increasing efficiency throughout the road planning and design process by minimizing the life-cycle costs of road components. The results also show that implementation of life-cycle cost analyses in the road planning and design process is possible, but difficult, mainly due to lack of relevant data.