Long Range Cost Estimation Research Project

The purpose of this project was to research long-range (parametric) cost estimation at the Colorado Department of Transportation (CDOT), utilizing AASHTO's Trns.port Cost Estimation and Decision Support software. Info Tech, Inc., analysis reviewed CDOT's current long-range estimation practices and identified revisions which would be needed to satisfactorily meet CDOT's future cost estimating requirements, i.e., in order to develop consistent and reliable cost estimates when little is known about a project. Both item and contract classifications utilized by CDOT in BAMS/DSS were revised to reflect more logical functional groupings. The new contract work type and item classification were used directly to develop an Interim Solution for Long-Range Cost Estimation that uses historical bid-based default prices. Info Tech analysts also researched Internet sources to identify the availability of major item cost data at the regional and national level, including data for multimodal project types.