Quantity-Based Approach to Preliminary Cost Estimates for Highway Projects
The preliminary cost estimate heavily influences the fate of a transportation project, yet it can be up to an order of magnitude off the final bid amount. Poor prediction of costs in state departments of transportation can lead to less-than-optimal project selection at the front end and delays later when funding is not adequate to cover planned projects. A demonstration is made of the potential to separate quantity uncertainty from price uncertainty. If item quantities can be predicted early, then readily available unit prices can be applied to create a semidetailed preliminary estimate. Compared with the typical practice of applying a gross cost per lane mile, the proposed approach provides a more detailed basis for tracking the effects of changes during project development. This methodology is being tested for implementation by the Texas Department of Transportation.
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- Summary URL:
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Availability:
- Find a library where document is available. Order URL: http://www.trb.org/Main/Public/Blurbs/158001.aspx
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Authors:
- Chou, Jui-Sheng
- Peng, Min
- Persad, Khali
- O'Connor, James T
- Publication Date: 2006
Language
- English
Media Info
- Media Type: Print
- Features: Figures; References; Tables;
- Pagination: pp 22-30
- Monograph Title: Construction 2006
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Serial:
- Transportation Research Record: Journal of the Transportation Research Board
- Issue Number: 1946
- Publisher: Transportation Research Board
- ISSN: 0361-1981
Subject/Index Terms
- TRT Terms: Cost estimating; State departments of transportation; Uncertainty
- Identifier Terms: Texas Department of Transportation
- Uncontrolled Terms: Highway projects; Project delays; Project selection; Transportation projects; Unit pricing
- Subject Areas: Administration and Management; Construction; Economics; Highways; Society; I10: Economics and Administration; I50: Construction and Supervision of Construction;
Filing Info
- Accession Number: 01031131
- Record Type: Publication
- ISBN: 0309099544
- Files: PRP, TRIS, TRB
- Created Date: Aug 22 2006 3:36PM