In this study, we analyzed how the revenue water ratio(RWR) is affected by changes in conditions of the water supply area, such as the ratio of aging pipes, maintenance conditions, and revenue water. As a result of analyzing the impact of pipe aging and maintenance conditions on the RWR, it was confirmed that the RWR could be decreased if the pipe replacement project to improve the aging pipe ratio was not carried out and proper maintenance costs were not secured. It was also confirmed that an increase in the revenue water could be operated to facilitate the achievement of the project’s target RWR. In contrast, a decrease in the revenue water due to a population reduction could affect the failure of the target RWR. In addition to analyzing the causes of variation in the RWR, the calculation of estimated project costs was considered by using leakage reduction instead of RWR from recent RWR improvement project cost data. From this analysis, it was reviewed whether the project costs planned to achieve the target RWR of the RWR improvement project in A city were appropriate. In conclusion, the RWR could be affected by variations in the ratio of aging pipes, maintenance conditions, and revenue water, and it was reasonable to consider not only the construction input but also the input related to RWR improvement, such as leakage reduction, when calculating the project cost.