Index-Based Cost Estimation Procedures with Accuracy and Precision Analysis
Project Information
Project ID:
FHWA-PROJ-12-0035
Project Abstract:
This project study investigates the use of construction cost index data in developing project cost estimates, primarily for the engineer's estimate, but also for planning-level estimates. The scope of the study covers various types, sizes, and scopes of transportation projects delivered by State highway agencies. (Although not the focus of this study, the applicability to major projects spanning several years should be addressed.) The study involves collecting, organizing, and analyzing data from various highway agencies and other facility owners. The research product is guidance for State highway agencies to assist them in determining how best to use cost index data to improve the accuracy and precision of project estimates. Deliverables include meeting summaries, a project work plan, an interim report, a final report, a TechBrief, and a Microsoft PowerPoint presentation.
Goals:
The objectives of the project are to:
(1) Determine the current state of the practice in using construction cost index data to develop project estimates. Identify gaps in the current knowledge base, as well as successful practices, that may exist.
(2) Develop a method for utilizing construction cost index data to improve the accuracy and precision of project cost estimates. Validate the method using historical data (or backcasting) to determine its effectiveness.
(3) Assist State highway agencies with improving their current estimation practices.
Research HUB ID:
7692
Project Status:
Completed
Project Funding Amount (Contract Award Amount):
$0.00
Start Date:
End Date:
Public Access Plan:
No
FHWA Program Area:
- Infrastructure
Fiscal Year / AMRP Program / AMRP Activity:
- FY 2002-2022 / Infrastructure / Construction and Project Management
AMRP = Annual Modal Research Plan
Contact Information
First Name:
Matthew
Last Name:
Corrigan
Phone Number:
(202) 493-3365
Email Address:
Team:
Infrastructure Analysis and Construction Team
Office:
Office of Infrastructure Research and Development
Office Code:
HRDI-20
Management Organizations
Sponsor Organization
Organization Role:
Sponsor Organization
Organization:
Federal Highway Administration: Office of Research, Development, and Technology - Office of Corporate Research, Technology, and Innovation Management
Contact Role:
Project Lead
Contact:
Managing Organization
Organization Role:
Project Managing Organization
Organization:
Federal Highway Administration: Office of Research, Development, and Technology - Office of Infrastructure Research and Development
Contact Role:
Project Contact
Contact: