Managing Capital Costs of Major Federally Funded Public Transportation Projects: Contractor's Final Report (2006) / Chapter Skim
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 101 5.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 102 • Schedule delays and changes in technical specifications are noted as main reasons for cost escalation • Costly changes due to the lack of consideration of external effects of mega projects in the early planning process (i.e., interest groups and the community at large are not involved early enough, so their opinions come into play later in the planning process)
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 103 5.1.2.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 104 • Hypothesis 3: Project costs are increased at the final design and construction stages due to (a)
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 105 5.1.3.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 106 • Scope changes (sum of unit cost and quantity adjustments)
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 107 Figure 5-1.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 108 higher than that of the average extension.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 109 Alignment Complexity The project complexity as measured by the proportion of the alignment that is elevated or below ground was hypothesized to be a factor in cost changes.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 110 All Sample Projects (28)
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 111 All Sample Projects (28)
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 112 5.2.1.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 113 A probabilistic cost and schedule estimation approach integrated with a detailed risk assessment may better convey the assumptions involved in the cost estimate and the risks reflected in the cost estimate.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 114 • Partnerships with contractors and stakeholders helped develop a common sense of project ownership.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 115 these identified risks.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 116 • Increase Estimation Transparency – A process that involves the public and is clear to all stakeholders at all phases is more likely to produce reliable estimates.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 117 project team in both design and construction can also enhance project ownership.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 118 quantifying their potential impact on project development.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 119 5.4.
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TCRP Project G-07 -- Managing Capital Costs of Final Report Major Federally Funded Public Transportation 5. Conclusions 120 – Consider the scheduling of the assessment efforts to coincide and better support the project development process – Examine the potential application of the risk estimates as construction cost contingencies • Review current project management oversight guidance procedures to look for opportunities to emphasize cost and schedule management within the process • Examine the potential application of the cost validation processes, such as the CEVP™, to the transit project development process.
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APPENDICES Appendix A: Annotated Bibliography..................................................................................A-1 Appendix B: Hypothesis Testing for Project Selection........................................................B-1 Appendix C: Case Study Project Descriptions .................................................................... C-1 Appendix D: Summary of Responses to Interview Guide.................................................D-1
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