COST ESTIMATING AND FORECASTING FOR HIGHWAY WORK IN KENTUCKY
There is a need for better cost estimating and forecasting for highway work in the Commonwealth of Kentucky. KRS45.245 grants the Interim Joint Committee on Transportation oversight of the biennial highway plan, including a review of all authorized highway project phases that exceed their estimates by 15%. In recent years, the Kentucky Transportation Cabinet has suffered the loss of many resources necessary to produce good cost estimates. Estimates developed using current methods are not sufficiently accurate to preclude cost overruns in excess of 15%. Over the 1992 and 1994 bienniums, 362 overruns totaling $162,487,511 have been submitted to the Committee. All have been approved for additional funding. KYEstimate, a cost-per-mile model, has been developed to improve estimates made in the district offices. This program uses preconstruction and construction data to calculate a unit cost for projects. New projects may then be estimated on past cost of similar projects.
- Record URL:
- Record URL:
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Corporate Authors:
University of Kentucky, Lexington
Kentucky Transportation Center
College of Engineering, 176 Raymond Building
Lexington, KY United States 40506-0281Kentucky Department of Transportation
Bureau of Highways
Frankfort, KY United States 40601Federal Highway Administration
1200 New Jersey Avenue, SE
Washington, DC United States 20590 -
Authors:
- Stevens, J D
- Walton, J R
- Publication Date: 1996-6
Language
- English
Media Info
- Pagination: 38 p.
Subject/Index Terms
- TRT Terms: Cost estimating; Cost overruns; Costs; Forecasting; Highways; Mathematical models; Oversight; Road construction
- Old TRIS Terms: Overruns
- Subject Areas: Finance; Highways; Planning and Forecasting; I10: Economics and Administration;
Filing Info
- Accession Number: 00800302
- Record Type: Publication
- Source Agency: University of Kentucky, Lexington
- Report/Paper Numbers: KTC-96-14
- Contract Numbers: KYSPR 94-158
- Files: NTL, TRIS, USDOT, STATEDOT
- Created Date: Oct 27 2000 12:00AM