Abstract
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%. Since enactment of KRS45.245 (1 July 1992 263 overruns, totaling nearly $117 million, have been submitted to the Committee. All have been approved for additional funding.
A cost per mile database and estimating model were developed for preconstruction and construction. A cost per parcel database and model are being developed for estimating right of way. Recommendations for performance measurements to track improvements in cost forecasting ability are presented.
Report Date
6-1995
Report Number
KTC 95-12
Digital Object Identifier
http://dx.doi.org/10.13023/KTC.RR.1995.12
Repository Citation
Stevens, James D., "Cost Estimating and Forecasting for Highway Work in Kentucky [1995]" (1995). Kentucky Transportation Center Research Report. 657.
https://uknowledge.uky.edu/ktc_researchreports/657
Notes
The contents of this report reflect the views of the author, who is responsible for the facts and accuracy of the data presented herein. The contents do not necessarily reflect the official views or policies of the University of Kentucky, the Kentucky Transportation Cabinet, or the Federal Highway Administration. This report does not constitute a standard, specification, or regulation.