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Chen, Z, Li, H, Ross, A, Khalfan, M M and Kong, S C (2008) Knowledge-Driven ANP Approach to Vendors Evaluation for Sustainable Construction. Journal of Construction Engineering and Management, 134(12), 928–41.

Cheung, S O, Yiu, T W, Leung, A Y and Chiu, O K (2008) Catastrophic Transitions of Construction Contracting Behavior. Journal of Construction Engineering and Management, 134(12), 942–52.

Gil, N, Beckman, S and Tommelein, I (2008) Problem-Solving Base Building under Uncertainty and Ambiguity: Multiple-Case Study on an Airport Expansion Program. Journal of Construction Engineering and Management, 134(12), 991–1001.

Gkritza, K and Labi, S (2008) Estimating Cost Discrepancies in Highway Contracts: Multistep Econometric Approach. Journal of Construction Engineering and Management, 134(12), 953–62.

  • Type: Journal Article
  • Keywords: Costs; Bids; Highway and road construction; Financial management; Economic factors; Estimation;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2008)134:12(953)
  • Abstract:
    This paper investigates the likelihood of occurrence and quantifies the magnitude and rate of discrepancies in highway project final costs with respect to their contract award amounts. Using data from Indiana, we develop a multistep econometric approach that can be used to estimate the effects of factors associated with the contract bidding process, project type, and the project physical environment on cost discrepancies in highway contracts. Estimation findings indicate that for a given project type and project year, contracts of larger size or longer duration are generally more likely to incur cost overruns. In addition, for contracts that incur cost overruns, the cost overrun rate decreases nonlinearly with increasing contract size up to a certain point after which the cost overrun rate increases with increasing contract size. Our approach allows for the possibility that cost overrun amounts are not linearly related to contract award amounts (contract size), and shows that greater analytical flexibility needs to be incorporated into any investigation of contract cost overruns. Agencies interested in improving their financial forecasts can replicate our proposed methodology using local contract data.

Grasso, B, Rasdorf, W and Bridgers, M (2008) Nature and Extent of Domestic Construction Program Outsourcing. Journal of Construction Engineering and Management, 134(12), 1002–10.

Hastak, M, Gokhale, S, Goyani, K, Hong, T and Safi, B (2008) Analysis of Techniques Leading to Radical Reduction in Project Cycle Time. Journal of Construction Engineering and Management, 134(12), 915–27.

Leung, M, Chen, D and Yu, J (2008) Demystifying Moderate Variables of the Interrelationships among Affective Commitment, Job Performance, and Job Satisfaction of Construction Professionals. Journal of Construction Engineering and Management, 134(12), 963–71.

Ling, F Y, Low, S P, Wang, S and Egbelakin, T (2008) Models for Predicting Project Performance in China Using Project Management Practices Adopted by Foreign AEC Firms. Journal of Construction Engineering and Management, 134(12), 983–90.

Lu, W, Shen, L and Yam, M C (2008) Critical Success Factors for Competitiveness of Contractors: China Study. Journal of Construction Engineering and Management, 134(12), 972–82.

Sonmez, R (2008) Parametric Range Estimating of Building Costs Using Regression Models and Bootstrap. Journal of Construction Engineering and Management, 134(12), 1011–6.