Contingency Factors to Account for Risk in Early Construction Cost Estimates for Transportation Infrastructure Projects
Accurate early construction cost estimates of projects are important in order for state departments
of transportation (DOTs) to
effectively fund and manage the overall construction program. When cost estimates at the scoping
phase of a project closely match construction costs, available funding is properly allocated within the
program.
The TRB National Cooperative Highway Research Program's
NCHRP Research Report 1025:
Contingency Factors to Account for Risk in Early Construction Cost Estimates for Transportation
Infrastructure Projects
describes a method for developing estimates of
contingency factors for common project-related risks that affect construction costs.
Supplemental to the report are a
downloadable spreadsheet-based tool that can be used to calculate contingency ranges based on project type and a
presentation summarizing the project.
This Summary Last Modified On: 12/12/2022