Predicting the future of the construction market is always a challenging task - regardless of whether it is over the next one or 20 years - since it involves several uncertainties.
The TRB National Cooperative Highway Research Program's NCHRP Web-Only Document 283: Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting for State Transportation Agencies documents the research that led to the development of a Cost Forecasting Approach Selection Framework that can assist state transportation agencies to select and implement effective mid-term (3 to 5 years), intermediate-range (up to 15 years), and long-range (more than 15 years) cost forecasting procedures.
Supplemental information to the technical report includes NCHRP Research Report 953: Improving Mid-Term, Intermediate,and Long-Range Cost Forecasting: Guidebook for State Transportation Agencies, a presentation, and videos.
Table of Contents
|1 Introduction and Background||11-23|
|2 State-of-the-Practice of Cost Forecasting||24-32|
|3 Case Study Methodology||33-52|
|4. Identification of Suitable Construction Cost Index||53-58|
|5. Cost Forecasting Approaches||59-69|
|6. Implementing Formal Cost Forecasting Practices||70-73|
|Abbreviations and Acronyms||78-78|
|Appendix A - Historical Bid Data Summary||79-84|
|Appendix B Configuration of Multilevel Construction CostIndexes||85-91|
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