Cost Estimate Risk Factors in US Army Corps of Engineers’ Emergency Streambank Protection Projects
Publication: Construction Research Congress 2022
ABSTRACT
The US Army Corps of Engineers Civil Works projects are designed to provide national management of water resources. These works use emergency streambank protection to protect public facilities, like bridges and highways. The projects under this authority have limited funding, therefore, many design and field studies are omitted, which increases project uncertainties resulting in cost overruns and contract modifications. This study analyzes previously constructed projects by comparing the independent government estimate with the contractor’s actual costs and identifying the variables causing these differences via statistical analysis. The variables identified are categorized into those elements that affect the accuracy of the government estimate. From the findings of this categorization, an uncertainty analysis is utilized in order to quantify the results. These results serve as a basis for future government estimates and projects of this category to select the best proposal and minimize the number of change orders and the risk of cost overruns.
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Construction Research Congress 2022
Pages: 381 - 390
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Published online: Mar 7, 2022
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