An Exploration of the Relationship between Construction Cost and Duration in Highway Projects.

摘要

Understanding and quantifying the relationship between construction cost and duration has become very important for both state highway agencies (SHAs) and contractors. Developing accurate cost-duration models can help SHAs to calculate reasonable incentive/disincentive (I/D) contracts parameters and contractors to identify the optimum price-time combination under the price-time bi-parameter procurement method. Available literature on this topic has presented the relationship between construction cost and duration as a part of bigger optimization approaches, and no papers were published to discuss the variation of this relationship from one project to another. This research studies the effects of important project characteristics on the relationship between construction cost and duration in highway projects. The findings of this research showed that the cost-duration relationship can vary depending on the project highway agency, project type and contract type. Finally, these findings were applied to create more accurate cost-duration models for Florida's road maintenance projects.