A Preliminary Cost Estimating Model for Transportation Projects

An early stage cost estimate is imperative for evaluating the feasibility of large construction projects. SCDOT does not currently have an established procedure for rapidly developing a preliminary cost estimate for the variety of construction projects they plan and manage. This project also aims at identifying the Highway Construction Cost Index (HCCI) in the State of South Carolina. HCCI is an indicator of construction price inflation in the current market, thus it is critical information for highway agencies to make early financial decisions and budget plans. This research project will develop a statistical cost estimating model based on the empirical cost databases maintained by SCDOT in conjunction with national unit cost databases. The developed cost estimating model will predict the range of total project cost based on a broadly defined scope with limited specifics identified. The research work will mainly entail: (a) classifying construction projects into meaningful categories; (b) collecting appropriate empirical cost data from past projects as well as national average unit costs; (c) developing and validating a robust statistical model that will ultimately be made into a user-friendly tool for SCDOT to use.

Language

• English

Project

• Status: Active
• Funding: $149,996.00
• Sponsor Organizations:

  South Carolina Department of Transportation

  955 Park Street
  P.O. Box 191
  Columbia, SC  United States  29202-0191

  Federal Highway Administration

  1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Project Managers:

  Watford, Jade

• Performing Organizations:

  Clemson University

  110 Lowry Hall
  Box 340911
  Clemson, SC  United States  29634-0911
• Principal Investigators:

  Piratla, Kalyan R.

• Start Date: 20211001
• Expected Completion Date: 20230630
• Actual Completion Date: 0

Subject/Index Terms

• TRT Terms: Construction engineering; Cost estimating; Estimating; Megaprojects
• Subject Areas: Construction; Planning and Forecasting;

Filing Info

• Accession Number: 01776263
• Record Type: Research project
• Source Agency: South Carolina Department of Transportation
• Files: RIP, STATEDOT
• Created Date: Jul 8 2021 12:02PM