Aligning Estimates and Budgets

Poor alignment between project estimates and budgets adversely impacts budget planning and project delivery. Successful project delivery hinges on the judicious management of the scope, schedule, and budget. Managing the budget and schedule requires details on the project scope. And budgets are based on estimates, which evolve throughout project development. Adding to this challenge, estimates change most quickly during planning and scoping, when projects have not been thoroughly defined and specific information is lacking. Fluctuating estimates have programmatic-level implications because they compel decision makers to update project prioritizations in light of funding limitations. Revised priorities affect different Kentucky Transportation Cabinet (KYTC) programs. Improving estimate accuracy and strengthening the alignment between estimates and budgets will benefit agency decision makers.

Language

• English

Project

• Status: Active
• Funding: $325000
• Contract Numbers:

  KYSPR-25-670

• Sponsor Organizations:

  Kentucky Transportation Cabinet

  200 Mero Street
  Frankfort, KY  United States  40622
• Performing Organizations:

  University of Kentucky, Lexington

  Kentucky Transportation Center College of Engineering, 176 Raymond Building
  Lexington, KY  United States  40506-0281
• Principal Investigators:

  Palle, Sudhir

• Start Date: 20240701
• Expected Completion Date: 20260603
• Actual Completion Date: 0

Subject/Index Terms

• TRT Terms: Budgeting; Estimating; Planning; Project management
• Geographic Terms: Kentucky
• Subject Areas: Finance; Planning and Forecasting; Transportation (General);

Filing Info

• Accession Number: 01926976
• Record Type: Research project
• Source Agency: University of Kentucky, Lexington
• Contract Numbers: KYSPR-25-670
• Files: RIP, STATEDOT
• Created Date: Aug 12 2024 1:26PM