RES2023-02: Risk Assessment Tool
An accurate estimation of a transportation project cost is essential to ensure timely completion of such project within the available budget that was approved during the fiscal year and long-term planning. However, past studies have shown that transportation construction project cost often exceeds the amount initially assigned during the planning phase. If any project exceeds its budget, other projects may be delayed or removed from the program, the project itself may be halted, or the scope of the project may be reduced. Thus, a reliable estimate must be prepared early during the project development instead of waiting till the bidding phase. However, producing an accurate estimate during the early phase is a challenge as limited information about the project may be known at that time. As such, instead of focusing solely on producing an accurate estimate, state highway agencies should also consider identifying, evaluating, and quantifying various risk factors that can affect the overall project cost.
Language
- English
Project
- Status: Active
- Funding: $150000
-
Contract Numbers:
RES2023-02
-
Sponsor Organizations:
Tennessee Department of Transportation
James K. Polk Building
Fifth and Deaderick Street
Nashville, TN United States 37243-0349 -
Managing Organizations:
Tennessee Department of Transportation
James K. Polk Building
Fifth and Deaderick Street
Nashville, TN United States 37243-0349 -
Performing Organizations:
East Tennessee State University
1276 Gilbreath Dr.
Johnson City, TN United States 37614 -
Principal Investigators:
Shrestha, Joseph
- Start Date: 20220801
- Expected Completion Date: 20230731
- Actual Completion Date: 0
- USDOT Program: Transportation, Planning, Research, and Development
Subject/Index Terms
- TRT Terms: Construction projects; Cost estimating; Risk assessment
- Subject Areas: Construction; Finance; Highways; Planning and Forecasting;
Filing Info
- Accession Number: 01854001
- Record Type: Research project
- Source Agency: Tennessee Department of Transportation
- Contract Numbers: RES2023-02
- Files: RIP, STATEDOT
- Created Date: Aug 10 2022 9:02AM