Airport Capital Improvements: A Business Planning and Decision-Making Approach (2014) / Chapter Skim
Currently Skimming:
Pages 44-51
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 44... ...
44 An accurate cost estimate is recognized by practically all stakeholders as being a significant contributor to successful airport capital improvement planning. Access to reliable cost estimates helps ensure optimal use of limited airport investment funds and reduces the risk of project cancellations or cutbacks.
|
From page 45... ...
Lessons Learned 45 Challenges to Developing an Airport Cost-Estimating Model The literature review and industry stakeholder survey conducted as part of this study addressed existing sources of cost data. The practice of storing past bid tabulations is common and a number of agencies maintain their own cost data.
|
From page 46... ...
46 Airport Capital Improvements: A Business Planning and Decision-Making Approach Future Work As described previously, future work on the development of a cost model for capital planning purposes should first and foremost focus on expanding the database. This section includes specific recommendations for future data collection practices.
|
From page 47... ...
Lessons Learned 47 These specifications should both identify the data fields to be collected for each project, as well as provide definitions that clearly identify the intent and meaning of each field. These definitions should be sufficiently detailed so as to ensure that data are collected consistently.
|
From page 48... ...
48 Airport Capital Improvements: A Business Planning and Decision-Making Approach • Project description: The project description is useful for identifying project type and, especially, for determining whether the project includes bundled construction types. It appears most practical to leave the project description as a free text field.
|
From page 49... ...
Lessons Learned 49 In identifying which CIVs to include, the CERs hypothesized at the beginning of this project will serve as a useful starting point. This is because the original CERs included many more CIVs than contained in the final database, since the number of CIVs was reduced substantially to deal with the lack of available data.
|
From page 50... ...
50 Airport Capital Improvements: A Business Planning and Decision-Making Approach Conclusions The goal of this project was to develop a model and database for estimating the cost of airport construction projects during the capital planning phase. The recommend approach -- parametric cost estimating -- uses historical cost data to establish mathematical relationships between construction cost and the hypothesized cost drivers for the project type in question.
|
From page 51... ...
Lessons Learned 51 Any expanded data collection would require a framework for collecting the data in a centralized manner. Standards need to be established to ensure data consistency and that the format supports transfer into a spreadsheet or database.
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.