Metropolitan Transportation Planning and Contingency Planning of Highway Projects

Abstract

Previous research has highlighted the significance of risk assessment in construction projects, and a variety of approaches to addressing potential hazards have been advocated for each phase of the project. One way to deal with risk is to allocate funds for contingencies appropriately. The purpose of this research is to ascertain how much of an impact the aforementioned risk factors are thought to have on costs and schedules, as well as how relevant they are to the cost contingency amounts. The pre-identified risk factors were evaluated using survey responses from experts working on highway transportation projects. The relationship between expert risk ratings and predetermined cost contingency levels in these projects was investigated using regression modeling. The research found that poor constructability evaluations had a significant impact on the owner's contingency amount, while modifications requested by the owner had a significant impact on a project's timeline. During the planning phase of similar highway building projects, using these models and methods to estimate risk-appropriate contingency percentages might be helpful.