The National Academies Press

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Pages 6-8

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From page 6... ... i SUMMARY Project cost escalation is a major problem for State Highway Agencies (SHAs) Read the entire page →
From page 7... ... ii Eight strategies are identified as follows: Management Strategy – Manage the estimation process and cost through all stages of project development; Scope/Schedule Strategy – Formulate definitive processes for controlling project scope and schedule changes; Off-prism Strategy – Use proactive methods for engaging those external participants and conditions that can influence project costs; Risk Strategy – Identify risks, quantify their impact on cost, and take actions to mitigate the impact of risks as the project scope is developed; Delivery and Procurement Method Strategy – Apply appropriate delivery methods to better manage cost, as project delivery influences both project risk and cost; Document Quality Strategy – Promote cost estimate accuracy and consistency through improved project documents; Estimate Quality Strategy – Use qualified personnel and uniform approaches to achieve improved estimate accuracy; and Integrity Strategy – Insure checks and balances are in place to maintain estimate accuracy and minimize the impact of outside pressures that can cause optimistic biases in estimates. A NCHRP Panel review resulted in a realignment of research tasks for the second phase of the research to achieve an improved end product. Read the entire page →
From page 8... ... iii Cost Estimation Management 1. Make estimation a priority by allocating time and staff resources. Read the entire page →

From page 6...

... i SUMMARY Project cost escalation is a major problem for State Highway Agencies (SHAs)

Read the entire page →

From page 7...

... ii Eight strategies are identified as follows: Management Strategy – Manage the estimation process and cost through all stages of project development; Scope/Schedule Strategy – Formulate definitive processes for controlling project scope and schedule changes; Off-prism Strategy – Use proactive methods for engaging those external participants and conditions that can influence project costs; Risk Strategy – Identify risks, quantify their impact on cost, and take actions to mitigate the impact of risks as the project scope is developed; Delivery and Procurement Method Strategy – Apply appropriate delivery methods to better manage cost, as project delivery influences both project risk and cost; Document Quality Strategy – Promote cost estimate accuracy and consistency through improved project documents; Estimate Quality Strategy – Use qualified personnel and uniform approaches to achieve improved estimate accuracy; and Integrity Strategy – Insure checks and balances are in place to maintain estimate accuracy and minimize the impact of outside pressures that can cause optimistic biases in estimates. A NCHRP Panel review resulted in a realignment of research tasks for the second phase of the research to achieve an improved end product.

Read the entire page →

From page 8...

... iii Cost Estimation Management 1. Make estimation a priority by allocating time and staff resources.

Read the entire page →

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