Contingency Factors to Account for Risk in Early Construction Cost Estimates for Transportation Infrastructure Projects

The objective of this project was to develop a guidebook for state DOT staff responsible for scoping projects to improve early construction cost estimates for common project types with differing levels of project complexity. The guidebook identifies project-related risks that are associated with significant cost impacts and that affect the accuracy of early cost estimates compared to actual construction costs. To account for these project-related risks, the guidebook defines contingency factor ranges for specific, identified risks. The guidebook also addresses how state DOTs can better track the costs associated with risks to refine these contingency factors as needed and to develop additional factors in the future. 

• Record URL:
  http://apps.trb.org/cmsfeed/TRBNetProjectDisplay.asp?ProjectID=4760

Language

• English

Project

• Status: Completed
• Funding: $250000
• Contract Numbers:

  Project 15-71

• Sponsor Organizations:

  National Cooperative Highway Research Program

  Transportation Research Board
  500 Fifth Street, NW
  Washington, DC  United States  20001

  American Association of State Highway and Transportation Officials (AASHTO)

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

  Federal Highway Administration

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

  Hartell, Ann

• Performing Organizations:

  Texas A&M Transportation Institute (TTI)

  400 Harvey Mitchell Parkway South
  Suite 300
  College Station, TX  United States  77845-4375
• Principal Investigators:

  Jeong, H

• Start Date: 20200708
• Expected Completion Date: 20220630
• Actual Completion Date: 0

Subject/Index Terms

• TRT Terms: Accuracy; Construction projects; Cost estimating; Costs; Handbooks; Infrastructure; Methodology; Risk management; State departments of transportation
• Subject Areas: Construction; Finance; Highways; Planning and Forecasting;

Filing Info

• Accession Number: 01707642
• Record Type: Research project
• Source Agency: Transportation Research Board
• Contract Numbers: Project 15-71
• Files: TRB, RIP
• Created Date: Jun 7 2019 12:56PM