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A Statistical Approach to Analyzing Engineering Estimates and Bids

1
Department of Civil and Environmental Engineering, Samueli School of Engineering, University of California, Los Angeles, CA 90095, USA
2
Department of Civil and Geomatics Engineering, Lyles College of Engineering, California State University, Fresno, CA 93740, USA
*
Author to whom correspondence should be addressed.
Received: 15 December 2020 / Revised: 12 January 2021 / Accepted: 12 January 2021 / Published: 13 January 2021
(This article belongs to the Special Issue Applied Statistics in Engineering)
This paper introduces a methodology to assess the accuracy of engineering estimates in relation to the final project cost. The objective of this assessment is to develop a comprehensive approach towards obtaining a more reliable estimate of the project cost. This approach relies on the review of a synthesis of literature, which provides a basis for determining key components in the estimation of the capital cost of a project. A systematic review of existing data for selected projects was obtained as well. Employed data cover sampled public transportation projects to maintain existing infrastructure within selected geographical location and specified time. Enhanced analysis of existing data through statistical models was employed to indicate potential measures for prevention of errors in the estimate due to uncertainties in the time, cost, and method of construction. The comparison of results with similar findings from past research shows the effectiveness of presented methodologies and opportunities to enhance statistical analyses of bids and engineering estimates. Conclusions enable project managers to address uncertainties in the bidding process and enhance financial sustainability of projects within specific programs. View Full-Text
Keywords: bids; construction costs; estimates; procurement; quantitative analysis bids; construction costs; estimates; procurement; quantitative analysis
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MDPI and ACS Style

Farshidpour, R.; Negoro, K.; Tehrani, F.M. A Statistical Approach to Analyzing Engineering Estimates and Bids. Stats 2021, 4, 62-70. https://0-doi-org.brum.beds.ac.uk/10.3390/stats4010005

AMA Style

Farshidpour R, Negoro K, Tehrani FM. A Statistical Approach to Analyzing Engineering Estimates and Bids. Stats. 2021; 4(1):62-70. https://0-doi-org.brum.beds.ac.uk/10.3390/stats4010005

Chicago/Turabian Style

Farshidpour, Roshanak, Kiana Negoro, and Fariborz M. Tehrani 2021. "A Statistical Approach to Analyzing Engineering Estimates and Bids" Stats 4, no. 1: 62-70. https://0-doi-org.brum.beds.ac.uk/10.3390/stats4010005

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