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Guidance for Cost Estimation and Management for Highway Projects During Planning, Programming, and Preconstruction (2007) / Chapter Skim
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Pages 7-12

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From page 7...
... When cost estimation practice and cost estimation management processes are integrated, the transportation agency should have the capability to effectively manage its overall capital program as well as individual project budgets. As shown in Figure 2.2, the development phases are generally categorized into "planning" and "project development process." The planning phase has a longer time horizon and includes both plans that do not identify projects and plans that C H A P T E R 2 Agency Cost Estimation Practice and Cost Estimation Management Processes
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From page 8...
... identify projects. In this Guidebook, the project development process begins with the programming phase, in which specific projects are developed and prioritized for inclusion in shorterrange capital programs based on target letting dates for construction.
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From page 9...
... Final Design Advertise & Bid CONSTRUCTION Cost Estimation Practice Cost Estimation Practice Cost Estimation Management Cost Estimation Management Project Scope (Final Plans/Specs & Complexity) Engineer's Estimate Bid Data Recommendation Needs/Deficiencies AWARD Preliminary Design Cost Estimate Updates for STIP Priority Program STIP Long-Range Plan *
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From page 10...
... Cost estimation management is a process for evaluating changes in scope or other issues that affect project cost. The final design phase typically represents that point in the project development process when plans and specifications are nearing completion.
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From page 11...
... Specific graphic depictions of the cost estimation practice and cost estimation management processes are presented and discussed in the introductory sections of the chapters that specifically discuss each phase: Chapter 5, "Guide for Planning Phase"; Chapter 6, "Guide for Programming and Preliminary Design Phase"; and Chapter 7, "Guide for Final Design Phase." Summary Cost estimates are created at various times during project development. There is a relationship and interaction between these phases and the cost estimation practice and cost estimation management processes.
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From page 12...
... Cost estimation management process.
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Key Terms

  • cost estimation
  • project development
  • project cost
  • state highway
  • highway agency

  • project complexity
  • project scope
  • cost estimates
  • highway agencies
  • cost estimate

  • estimation management
  • estimation practice
  • preliminary design
  • cost escalation
  • design phase

  • project costs
  • project estimate
  • final design
  • cost data
  • scope changes

  • market conditions
  • project baseline
  • estimation process
  • estimate basis
  • major project

  • escalation factors
  • planning phase
  • scope definition
  • line items
  • construction cost


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