Project Cost Estimation for Planning

Alavi, Sirous; Tavares, Michael P.; Sierra Transportation Engineers, Inc.

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Project Cost Estimation for Planning

2010-02-26
By Alavi, Sirous ; Tavares, Michael P.

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English

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Creators:

Alavi, Sirous ; Tavares, Michael P.

Alavi, Sirous ; Tavares, Michael P. Less -
Corporate Creators:

Sierra Transportation Engineers, Inc.
Corporate Contributors:

Nevada. Dept. of Transportation
Subject/TRT Terms:

[+]

Cost Estimating Cost Tracking Economics Finance Financing Literature Reviews Planning And Forecasting Programming (Planning) Transportation (General) Transportation Projects
Publication/ Report Number:

P348-07-803
Resource Type:

Tech Report
Geographical Coverage:

United States ; Nevada

United States ; Nevada Less -
TRIS Online Accession Number:

01651583
Corporate Publisher:

Nevada. Dept. of Transportation
Abstract:

For Nevada Department of Transportation (NDOT), there are far too many projects that ultimately cost much more than initially planned. Because project nominations are linked to estimates of future funding and the analysis of system needs, the inaccurate cost estimate lead to overloading the Statewide Transportation Improvement Program (STIP) with many projects that are underfunded. This often leads to misallocating resources and creating false expectations with the public and other stakeholders. The focus of this study is on improving early project cost estimation to reduce the variance between estimates when projects are initially programmed and the final construction costs. The major objective was to provide recommendations to NDOT to enhance the project cost estimation process for transportation planning documents. An extensive literature review of other agencies' cost estimating practices revealed that the most significant policy decision to improve the planning cost estimation is to make the estimation process a high "priority" for the agencies involved. Investing time and resources in training, tracking cost and schedule changes, updating unit prices, quality control checklists, and developing uniform manuals and practices for cost estimating are all critical to improving early project cost estimates. Based on the review of available documents and interviews with agencies involved in early cost estimation, Sierra Transportation Engineers, Inc. (STE) concluded that many good practices are already in place at various groups and divisions of NDOT and partnering agencies. However, more communication, coordination, and enhancement of the procedures in place are needed.
Format:

PDF
Collection(s):

US Transportation Collection
Main Document Checksum:

[+]

urn:sha256:6b7af65e3fcde00ba463e38480283dfbb55587f5987e198e86af78a0c15cc4cc
Download URL:

https://rosap.ntl.bts.gov/view/dot/35442/dot_35442_DS1.pdf
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Project Cost Estimation for Planning

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