The National Academies Press

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From page 1... ... An analysis of estimation literature and exhaustive data provided by state highway agencies led to the development of eight global strategies to address state highway agency estimation problems. These strategies focus on the critical causal factors behind project cost escalation and support the objective of consistent and accurate estimation: • Management strategy -- Manage the estimation process and costs through all stages of project development; • Scope and schedule strategy -- Formulate definitive processes for controlling project scope and schedule changes; • Off-prism strategy -- Use proactive methods for engaging external participants and assessing the macroenvironmental conditions that can influence project costs; • Risk strategy -- Identify risks, quantify their impact on cost, and take actions to mitigate the impact of risks as the project scope is developed; • Delivery and procurement strategy -- Apply appropriate delivery methods to better manage cost because project delivery influences both project risk and cost; • Document quality strategy -- Promote cost estimate accuracy and consistency through improved project documents; • Estimate quality strategy -- Use qualified personnel and uniform approaches to achieve improved estimate consistency and accuracy; and • Integrity strategy -- Ensure that checks and balances are in place to maintain estimate accuracy and to minimize the impact of outside pressures that can cause optimistic biases in estimates. Read the entire page →
From page 2... ... • 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. Read the entire page →

From page 1...

... An analysis of estimation literature and exhaustive data provided by state highway agencies led to the development of eight global strategies to address state highway agency estimation problems. These strategies focus on the critical causal factors behind project cost escalation and support the objective of consistent and accurate estimation: • Management strategy -- Manage the estimation process and costs through all stages of project development; • Scope and schedule strategy -- Formulate definitive processes for controlling project scope and schedule changes; • Off-prism strategy -- Use proactive methods for engaging external participants and assessing the macroenvironmental conditions that can influence project costs; • Risk strategy -- Identify risks, quantify their impact on cost, and take actions to mitigate the impact of risks as the project scope is developed; • Delivery and procurement strategy -- Apply appropriate delivery methods to better manage cost because project delivery influences both project risk and cost; • Document quality strategy -- Promote cost estimate accuracy and consistency through improved project documents; • Estimate quality strategy -- Use qualified personnel and uniform approaches to achieve improved estimate consistency and accuracy; and • Integrity strategy -- Ensure that checks and balances are in place to maintain estimate accuracy and to minimize the impact of outside pressures that can cause optimistic biases in estimates.

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From page 2...

... • 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.

Read the entire page →

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