Long‐Range Forecasting Highway Construction Costs
Publication: Journal of Construction Engineering and Management
Volume 109, Issue 4
Abstract
In the process of decision making for design and execution of highway construction projects, long‐range cost forecasting is one of the most significant and complicated problems. This paper describes the development of a model that enables the user to make long‐range cost projections, taking into consideration general characteristics of the highway construction industry, as well as pertinent local conditions. The model presented uses conventional statistical methods to represent the main categories of typical jobs in the highway construction industry. From these categories, a composite model is created by assigning different weights to the input elements costs and then choosing a series of indicators to predict price trends for each separate element of the composite model. Use of this model reveals that bid volume in a certain area is a factor that has significant influence upon cost forecasts. This paper is accompanied by a case study based on actual data from highway construction projects performed for the Florida Department of Transportation in the years 1968–1981.
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Information & Authors
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Published In
Journal of Construction Engineering and Management
Volume 109 • Issue 4 • December 1983
Pages: 423 - 434
Copyright
Copyright © 1983 ASCE.
History
Published online: Dec 1, 1983
Published in print: Dec 1983
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