Airport Capital Improvements: A Business Planning and Decision-Making Approach (2014) / Chapter Skim
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Pages 25-33
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From page 25... ...
25 As described in Chapter 3, parametric cost estimating relies on developing mathematical relationships between costs and cost drivers using historical cost data for previously completed projects. Consequently, a key step in implementing a cost model using the parametric costestimating technique is the establishment of a historical cost database.
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26 Airport Capital Improvements: A Business Planning and Decision-Making Approach The list was reviewed and edited by the airport construction SME members on the team. For example, the AIP category "Construct Building" was expanded to include a list of specific vertical construction projects.
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From page 27... ...
Developing an Airport Cost Database 27 Selection of Candidate Independent Variables The final selection was driven by hypothesized relationships between cost and cost drivers, availability of data, and methodological reasons such as the desire to limit the number of discrete variables. The CIVs that were included in the cost database are identified below, along with brief explanations justifying their inclusion: • Area: This is a general sizing variable used to support cost estimates for pavement surfaces (i.e., pavement area)
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28 Airport Capital Improvements: A Business Planning and Decision-Making Approach Product (GDP) deflators provided by the Office of Management and Budget (OMB 2012)
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Developing an Airport Cost Database 29 The basic database structure is summarized in Table 6. The database consists of two main parts -- historical construction data and ancillary data.
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30 Airport Capital Improvements: A Business Planning and Decision-Making Approach Data Collection The parametric cost-estimating methodology relies on multivariable regression analysis, a statistical technique that results in a mathematical relationship between a dependent variable and several independent variables. In this application, the dependent variable is construction cost and the independent variables are the cost drivers represented by the CIVs.
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From page 31... ...
Developing an Airport Cost Database 31 • Ancillary databases: – FAA, Airport Engineering Division, Aircraft Characteristics Data. – FAA, National Flight Data Center, Facilities Table.
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32 Airport Capital Improvements: A Business Planning and Decision-Making Approach These multipliers allow for the conversion from any combination of MTOW and a specific landing gear configuration to a single-wheel-equivalent MTOW. As an alternative to using this FAA guidance, it is also possible to derive conversion factors empirically by examining the relationship between the MTOW specified for different landing gear configurations for a broad range of aircraft models.
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From page 33... ...
Developing an Airport Cost Database 33 Table 10. Results of data collection.
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