A Study of Variability of Construction Cost Estimates.
ARMY ARMAMENT COMMAND ROCK ISLAND ILL SYSTEMS ANALYSIS DIRECTORATE
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A study was made of the variability of construction cost estimates based on bids of planned construction projects during the 1971 time frame. Data was obtained from the Office of the Chief Engineer on bids received on 122 planned construction projects during CY 1971 out of a total of 795 such projects. The 122 projects represented planned construction in eight engineering categories of construction cost which had mean bids ranging from 18,000 to 28,000,000 dollars. The mean bid, standard deviation, coefficient of variation and number of bids were destined for each project analyzed in the study. The coefficient of variation standard deviationmean was studied as related to mean bid size, number of bidders, engineering district, and engineering category.
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