Cost Estimation and Value Engineering

Cost Estimation

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Bid History Estimate Tool

Bid History 2016 To 2025 03 12

Bid History 2009 To 2015

Spreadsheet Applications For Construction Cost Estimating(C)

Value Engineering

Value Engineering is a systematic process using a team from a variety of disciplines to improve the value of a project through the analysis of its functions. VE is a proven, effective tool for both continuous improvement and design enhancement. VE optimizes the allocation of limited funds without reducing the quality of a project.

The VE process incorporates the values of design, construction, maintenance, the contractor, state/local/federal approval agencies, other stakeholders, and the public. Value improvements might relate to scope definition, functional design, constructability, internal/external coordination, or the project development schedule. Other possible value improvements are reduced environmental impacts, reduced public inconvenience (traffic), or reduced project cost.

Projects with a total estimated cost over $50 million and any bridge project over $40 million are required by FHWA and EDSM I.1.1.18 to have a VE Study performed. This total estimated cost includes preliminary engineering, construction, right of way, and utilities.

VE can be applied during any stage of a project’s development, but the greatest resource savings can be achieved early in development during the Planning or Scoping phases. DOTD Project Managers that have projects requiring a VE Study or think a VE study could benefit one of their projects are to schedule a VE Study with the Cost Estimation and Value Engineering Director no later than 3 months prior to the Plan-in-Hand meeting.