Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting for State Transportation Agencies (2020) / Chapter Skim
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63 6. Implementing Formal Cost Forecasting Practices 6.1 Introduction This chapter summarizes the efforts made to ensure that all guidelines and cost forecasting methods resulting from this study were practical, align with the current needs of the transportation construction industry, and were of easy implementation by state transportation agencies (STAs)
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64 unstructured interviews. In general, feedback and comments received from subject matter experts through the panels, workshops, and interviews were positive.
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65 Table 6.1 Description of the Cost Forecasting Approach Selection Framework Modules Module Description Module 1. Cost Index Selection This module assists STA in the selection of the cost indexing alternative that best fits its needs, preferences, and constraints.
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66 Tool 1. Forecast with Standard Inflation Rate: - Facilitates the generation of forecasted cost estimates for any simple or compounded annual inflation rate along any forecasting time horizon.
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