Cost Estimaing and Forecasting for Highway Work in Kentucky

摘要

There is a need for better cost estimating and forecasting for highway work in211u001ethe Commonwealth of Kentucky. KRS45.245 grants the Interim Joint Committee on 211u001eTransportation oversight of the biennial highway plan, including a review of all 211u001eauthorized highway project phases that exceed their estimates by 15%. In recent 211u001eyears, the Kentucky Transportation Cabinet has suffered the loss of many 211u001eresources necessary to produce good cost estimates. Estimates developed using 211u001ecurrent methods are not sufficiently accurate to preclude cost overruns in excess 211u001eof 15%. Over the 1992 and 1994 bienniums, 362 overruns totaling $162,487,511 have 211u001ebeen submitted to the Committee. All have been approved for additional funding. 211u001eKYEstimate, a cost-per-mile model, has been developed to improve estimates made 211u001ein the district offices. This program uses preconstruction and construction data 211u001eto calculate a unit cost for projects. New projects may then be estimated on past 211u001ecost of similar projects.