Chapter
Apr 26, 2012
Innovative Cost and Schedule Risk Assessment for Large Transportation Projects
Authors: Charles W. Lockhart [email protected], Travis C. McGrath, Ph.D. [email protected], and James P. Rost [email protected]Author Affiliations
Publication: Transportation and Development Innovative Best Practices 2008
Abstract
Accurate project cost and schedule estimates are a critical component of transportation project decisions. While many owner/agency organizations have had successful estimating experiences, worldwide data suggest that engineers and planners have systematically under-estimated the ultimate costs and schedules for large transportation infrastructure projects; one study suggests up to 90% of estimates for transportation infrastructure projects have been low and, on average, cost estimates for transportation projects have been 20% short of final costs. This paper briefly summarizes an innovative and flexible probabilistic, risk-based approach to addressing these problems in a practical and cost-effective way.
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Information
Published In
Transportation and Development Innovative Best Practices 2008
Pages: 39 - 44
Copyright
© 2008 American Society of Civil Engineers.
History
Published online: Apr 26, 2012
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ASCE Technical Topics:
- Business management
- Construction costs
- Construction engineering
- Construction management
- Disaster risk management
- Infrastructure
- Innovation
- Management methods
- Organizations
- Practice and Profession
- Project management
- Risk management
- Scheduling
- Transportation engineering
- Transportation management
- Transportation studies
Authors
Affiliations
P.E.
Golder Associates Inc., 18300 NE Union Hill Road, Redmond, WA 98052. E-mail: [email protected]
P.E.
Golder Associates Inc., 18300 NE Union Hill Road, Redmond, WA 98052. E-mail: [email protected]
Iowa Department of Transportation, 800 Lincoln Way, Ames, IA 50010. E-mail: [email protected]
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Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.