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Guidance for Cost Estimation and Management for Highway Projects During Planning, Programming, and Preconstruction (2007) / Chapter Skim
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Pages 94-95

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From page 94...
... Each factor presents a challenge to a state highway agency seeking to produce accurate project cost estimates and managing project costs. These factors can all be addressed by using a strategic approach to estimation and cost management that is structured around the eight strategies and the following three elements: • Planning and project development process phases, • Project complexity, and • Basic cost estimation practice and cost estimation management steps.
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From page 95...
... • Developing a systems perspective requires organizational perspective and vision to integrate cost estimation management and cost estimation practice throughout the project development process. • Dedicating sufficient time to changing agency attitudes toward estimation and incorporating the strategies, methods, and tools from this Guidebook into current state highway agency practices is difficult when resources are scarce.
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Key Terms

  • cost estimation
  • project development
  • project cost
  • state highway
  • highway agency

  • project complexity
  • project scope
  • cost estimates
  • highway agencies
  • cost estimate

  • estimation management
  • estimation practice
  • preliminary design
  • cost escalation
  • cost containment

  • project costs
  • project baseline
  • estimation process
  • estimate basis
  • estimate review

  • escalation factors
  • agency estimation
  • cost management
  • baseline cost
  • project risk

  • throughout project
  • estimate reviews
  • accurate estimates
  • document estimate
  • prepare base


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