Guidebook on Risk Analysis Tools and Management Practices to Control Transportation Project Cost

Identification, analysis, and management of the risk of project-cost escalation are fundamental challenges facing the transportation industry. Recently completed NCHRP Project 8-49, "Procedures for Cost Estimation and Management for Highway Projects During Planning, Programming, and Preconstruction," focused on the issue of cost escalation and developed a guidebook on highway cost-estimation management and tools aimed at achieving greater consistency and accuracy in long-range transportation planning, priority programming, and preconstruction estimates. The scope of NCHRP Project 8-49 called for development of multiple strategies for controlling cost escalation, but did not allow for in-depth treatment of methods and tools necessary to implement a specific strategy for risk management. NCHRP Project 8-49 identified risk analysis and management as primary strategies to help control cost escalation (see Special Note F). The objective of this research is to develop a comprehensive guidebook on risk-related analysis tools and management practices for estimating and controlling transportation project costs. The guidebook must include a plain language toolbox for transportation agencies to use in selecting appropriate strategies, methods, and tools to apply in meeting their cost-estimation and control goals and objectives. This guidebook will be especially applicable to planning, priority programming, and preconstruction phases.

Language

  • English

Project

  • Status: Completed
  • Funding: $200000.00
  • Contract Numbers:

    Project 8-60

  • Sponsor Organizations:

    Federal Highway Administration

    1200 New Jersey Avenue, SE
    Washington, DC  United States  20590

    American Association of State Highway and Transportation Officials (AASHTO)

    444 North Capitol Street, NW
    Washington, DC  United States  20001

    National Cooperative Highway Research Program

    Transportation Research Board
    500 Fifth Street, NW
    Washington, DC  United States  20001
  • Project Managers:

    Sundstrom, Lori

  • Performing Organizations:

    University of Colorado, Boulder

    130 Academy Building, 970 Aurora Avenue
    Boulder, CO  United States  80309
  • Principal Investigators:

    Molenaar, Keith

  • Start Date: 20070601
  • Expected Completion Date: 0
  • Actual Completion Date: 20090401
  • Source Data: RiP Project 11811

Subject/Index Terms

Filing Info

  • Accession Number: 01462940
  • Record Type: Research project
  • Source Agency: National Cooperative Highway Research Program
  • Contract Numbers: Project 8-60
  • Files: RiP, USDOT
  • Created Date: Jan 3 2013 2:13PM