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%. Estimates developed using current methods are not sufficiently accurate to preclude cost overruns in excess of 15%. Estimates are prepared before design is begun so that a project may be included in the six year plan. The estimates are not revised after a more detailed scope of the project is developed during design and after design is completed. Consequently, there have been 455 overruns since 1992. All have been approved for the necessary additional funding. Causes of cost overruns for the 455 overruns during the past five years were studies. The development of a conceptual estimating model, KYEstimate, was continued and reported on. Recommendations and conclusions are presented.
Digital Object Identifier
Maloney, William F.; Walton, Jennifer R.; and Ross, Adam, "Cost Estimating and Forecasting for Highway Work in Kentucky " (1997). Kentucky Transportation Center Research Report. 476.