There is a need for better cost estimating and forecasting for highway work in the Commonwealth of Kentucky. KRS45.245 grants the Interim Joint Committee on Transportation oversight of the biennial highway plan, including a review of all authorized highway project phases that exceed their estimates by 15%. In recent years, the Kentucky Transportation Cabinet has suffered the loss of many resources necessary to produce good cost estimates.
Estimates developed using current methods are not sufficiently accurate to preclude cost overruns in excess of 15%. Over the 1992 and 1994 bienniums, 362 overruns totaling $162,487,511 have been submitted to the Committee. All have been approved for additional funding. KYEstimate, a cost-per-mile model, has been developed to improve estimates made in the district offices. This program uses preconstruction and construction data to calculate a unit cost for projects. New projects may then be estimated on past cost of similar projects.
Digital Object Identifier
Stevens, James D. and Walton, Jennifer R., "Cost Estimating and Forecasting for Highway Work in Kentucky " (1996). Kentucky Transportation Center Research Report. 370.