Innovative Cost and Schedule Risk Assessment for Large Transportation Projects

Accurate project cost and schedule estimates are a critical component of transportation project decisions. While many owner/agency organizations have had successful estimating experiences, worldwide data suggests that engineers and planners have systematically under-estimated the ultimate costs and schedules for large transportation infrastructure projects; one study suggests that up to 90% of estimates for transportation infrastructure projects have been low and, on average, cost estimates for transportation projects have been 20% short of final costs (Flyvbjerg, 2002). This paper briefly summarizes an innovative and flexible probabilistic, risk-based approach to addressing these problems in a practical and cost-effective way.

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/isbn/9780784409619
• Corporate Authors:

  American Society of Civil Engineers

  Transportation and Development Institute
  1801 Alexander Bell Drive
  Reston, VA  United States  20191-4400

  China Academy of Transportation Sciences

  Ministry of Communications
  Beijing,   China  100029
• Authors:
  • Lockhart, Charles W
  • McGrath, Travis C
  • Rost, James P
• Conference:
  • The First International Symposium on Transportation and Development – Innovative Best Practices (TDIBP 2008)
  • Location: Beijing , China
  • Date: 2008-4-24 to 2008-4-26
• Publication Date: 2008

Language

• English

Media Info

• Media Type: Print
• Features: Figures; Illustrations; References;
• Pagination: pp 39-44
• Monograph Title: Transportation and Development Innovative Best Practices 2008: Proceedings of the First International Symposium

Subject/Index Terms

• TRT Terms: Construction projects; Costs; Estimates; Infrastructure; Innovation; Probability theory; Schedules; Transportation planning
• Subject Areas: Construction; Data and Information Technology; Economics; Finance; Highways; Planning and Forecasting; Society; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01105452
• Record Type: Publication
• ISBN: 9780784409619
• Files: TRIS
• Created Date: Jul 31 2008 3:24PM