Accurate project cost and schedule estimates are a critical component of transportation project decisions. While many owner/agency organizations have had successful estimating experiences, worldwide data suggest that engineers and planners have systematically under-estimated the ultimate costs and schedules for large transportation infrastructure projects; one study suggests up to 90% of estimates for transportation infrastructure projects have been low and, on average, cost estimates for transportation projects have been 20% short of final costs. This paper briefly summarizes an innovative and flexible probabilistic, risk-based approach to addressing these problems in a practical and cost-effective way.
Innovative Cost and Schedule Risk Assessment for Large Transportation Projects
First International Symposium on Transportation and Development Innovative Best Practices ; 2008 ; Beijing, China
2008-04-04
Conference paper
Electronic Resource
English
Innovative Cost and Schedule Risk Assessment for Large Transportation Projects
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