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

National Academies of Sciences, Engineering, and Medicine

doi:10.17226/26829

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

(2022)

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Accurate early construction cost estimates of projects are important in order for state departments of transportation (DOTs) to effectively fund and manage the overall construction program. When cost estimates at the scoping phase of a project closely match construction costs, available funding is properly allocated within the program.

The TRB National Cooperative Highway Research Program's NCHRP Research Report 1025: Contingency Factors to Account for Risk in Early Construction Cost Estimates for Transportation Infrastructure Projects describes a method for developing estimates of contingency factors for common project-related risks that affect construction costs.

Supplemental to the report are a downloadable spreadsheet-based tool that can be used to calculate contingency ranges based on project type and a presentation summarizing the project.

Contributor(s): National Academies of Sciences, Engineering, and Medicine; Transportation Research Board; National Cooperative Highway Research Program; H. David Jeong; Kunhee Choi; Taewoo Ko; Douglas D. Gransberg; Chau Le

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National Academies of Sciences, Engineering, and Medicine. 2022. Contingency Factors to Account for Risk in Early Construction Cost Estimates for Transportation Infrastructure Projects. Washington, DC: The National Academies Press. https://doi.org/10.17226/26829.

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Publication Info

94 pages | 8.5 x 11 | DOI: https://doi.org/10.17226/26829

Chapters		skim
Front Matter	i-viii
Summary	1-1
Chapter 1 - Introduction	2-5
Chapter 2 - Key Concepts Construction Contingencies	6-9
Chapter 3 - Estimation Methods for Construction Contingencies	10-16
Chapter 4 - Major Risks for Construction Contingency Consideration	17-22
Chapter 5 - Guidelines on the Risk-Driven Approach for Estimating Construction Contingencies	23-29
Chapter 6 - Guidelines on the Historical Data-Driven Approach for Estimating Construction Contingencies	30-42
Chapter 7 - Guidelines for Tracking and Monitoring Construction Contingencies	43-50
References	51-54
Appendix A - Definition of Terms	55-56
Appendix B - Risks for Construction Cost Contingencies	57-62
Appendix C - Top 12 Risks for Construction Cost Contingencies and Common Project Types	63-64
Appendix D - Triggers, SMEs, and Information and Data for High-Priority Risks	65-70
Appendix E - Goodness-of-fit Test Results	71-72
Appendix F - Certainty Level Table for RFB	73-74
Appendix G - EReC3 User Manual	75-88

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