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Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting: Guidebook for State Transportation Agencies (2020)

Chapter: Acronyms

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Page 54
Suggested Citation:"Acronyms." National Academies of Sciences, Engineering, and Medicine. 2020. Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting: Guidebook for State Transportation Agencies. Washington, DC: The National Academies Press. doi: 10.17226/25972.
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54 BEA Bureau of Economic Analysis BLS Bureau of Labor Statistics CCI construction cost index CPI Consumer Price Index DOT Department of Transportation ENR Engineering News-Record IT information technology MAPE mean absolute percentage error MCCI multilevel construction cost index MFE moving forecasting error NHCCI National Highway Construction Cost Index PCE Personal Consumer Expenditures ROUT robust regression and outlier removal STA state transportation agency Acronyms

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Because transportation investment programs have extended time horizons, state departments of transportation (DOTs) must forecast costs well into the future. This poses a serious challenge: the longer the time horizon, the more uncertainty and risk that forecasted costs will vary from actual, future costs.

The TRB National Cooperative Highway Research Program's NCHRP Research Report 953: Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting: Guidebook for State Transportation Agencies presents a cost forecasting method for use by state transportation agencies that better accounts for cost variability and economic volatility over time.

Supplemental information to the report includes NCHRP Web-Only Document 283: Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting for State Transportation Agencies, a cost forecasting toolkit, a guidebook presentation, and videos.

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