Index-Based Cost Estimation Procedures with Accuracy and Precision Analysis

completed

This project study investigates the use of construction cost index data in developing project cost estimates, primarily for the engineer's estimate, but also for planning-level estimates. The scope of the study covers various types, sizes, and scopes of transportation projects delivered by State highway agencies. (Although not the focus of this study, the applicability to major projects spanning several years should be addressed.) The study involves collecting, organizing, and analyzing data from various highway agencies and other facility owners. The research product is guidance for State highway agencies to assist them in determining how best to use cost index data to improve the accuracy and precision of project estimates. Deliverables include meeting summaries, a project work plan, an interim report, a final report, a TechBrief, and a Microsoft PowerPoint presentation.