01031131

Component

https://doi.org/10.3141/1946-03

http://scholar.google.com...nnor&publication_year=2006

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.

01031140

English

pp 22-30

2006

Transportation Research Record: Journal of the Transportation Research Board

0309099544

Print

Figures (5) ; References (25) ; Tables (3)

Cost estimating; State departments of transportation; Uncertainty

Texas Department of Transportation

Highway projects; Project delays; Project selection; Transportation projects; Unit pricing

Administration and Management; Construction; Economics; Highways; Society; I10: Economics and Administration; I50: Construction and Supervision of Construction

PRP, TRIS, TRB

Mar 3 2006 10:28AM

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