Accurate estimation of the cost of resilient transport infrastructure projects is crucial to their successful implementation. In the UK, resilient transport infrastructure is vital to ensure that transportation networks can withstand extreme weather conditions, natural disasters, and other unforeseen events.
The Association for the Advancement of Cost Engineering International (AACE) has developed a methodology for cost estimation known as the AACE International Recommended Practice 18R-97. This framework outlines a detailed and systematic approach considering each project’s unique characteristics.
The AACE International Recommended Practice 18R-97 methodology involves developing a cost range estimate, cost plan, and cost estimate at different project stages. During the conceptual or planning phase of the project, a cost range estimate is developed based on high-level assumptions and limited data. This estimate provides a broad range of potential costs for the project.
Next, a cost plan is produced based on more accurate data and information during the design phase. Finally, the cost plan provides a more detailed estimate of the project’s potential cost, broken down into different elements such as materials, labour, equipment, and overhead.
Finally, during the construction phase, a cost estimate is developed based on detailed information about the project. This estimate provides the most accurate estimate of the project’s cost and is used to identify any deviations from the original cost plan.
The AACE International Recommended Practice 18R-97 methodology recommends using various techniques, such as parametric estimating, analogous estimating, and bottom-up estimating, to develop accurate cost estimates.
Parametric estimating involves using statistical data and historical information to estimate costs based on specific project parameters, such as size or complexity. Analogous estimating consists in using data from similar projects to estimate the cost of the current project. Finally, bottom-up estimating involves breaking down the project into more minor elements and estimating the cost of each component, then adding them up to determine the overall cost.
Accurate cost estimation provides several benefits to resilient transport infrastructure projects in the UK.
Firstly, it ensures that projects are adequately funded, avoiding cost overruns, delays, and other issues that can occur when projects are underfunded.
Secondly, accurate cost estimation helps to ensure that projects are delivered on time, as project managers can identify and address potential delays and other issues before they occur.
Thirdly, it helps to ensure that projects are of high quality, as sufficient funds can be allocated to ensure that the necessary resources, materials, and equipment are available to deliver a high-quality project.
Fourthly, accurate cost estimation helps ensure that projects are sustainable, as sufficient funds can be allocated to ensure that the necessary maintenance and repair work is carried out regularly. This further step helps to ensure that the project remains resilient over time and continues to meet users’ needs.
In conclusion, the AACE International Recommended Practice 18R-97 methodology provides a detailed and systematic approach to accurately estimating the cost of resilient transport infrastructure projects. This approach ensures that projects are adequately funded, delivered on time, high-quality, and sustainable. Accurate cost estimation can be developed using various techniques such as parametric, analogous, and bottom-up estimating, providing the necessary information to implement resilient transport infrastructure projects in the UK successfully.