iPD Parametric Estimates
for Project Estimators
HDR and ExeVision have developed iPDWeb Parametric Estimates, a breakthrough application that helps estimators develop more accurate long-range cost estimates as part of their road construction project development strategy.
Many state transportation agencies find it a challenge to accurately estimate future projects that have a long-range time horizon. Managing budgets with three, five, and even ten-year event horizons introduces many unknowns and uncertainties about project designs, prices, and engineering challenges. Developing a cost estimate that is truly representative of the final engineer’s estimate, and ultimately the awarded project cost, may seem unreasonable. Yet creating more accurate estimates is not only a mandate of the FHWA, but an absolute necessity in a time of increasing budgetary restrictions. Agencies need the tools to accurately estimate, budget, and utilize all available capital resources to provide the public with the best possible transportation infrastructure.
iPDWeb Parametric Estimates uses a sophisticated combination of Parametric Estimating, Percentage of Project, and Composite Item Groupings to produce cost estimates starting with only the smallest amount of knowledge about a project design, and then, as the designers are able to refine their early designs, the cost estimates can likewise be refined and developed with increasing precision. Recognizing that long-range designs develop at different rates for different parts of the project, The parametric application allows cost estimates to include all types of estimate items (Parametric, Percentage of Project, Composite Item, and Bid Items), allowing the estimator to take advantage of all of the detailed knowledge available.
“Like every agency, we’re being pressed to give better estimates earlier. Having a customized parametric solution allows us to quickly and more intelligently give an extremely early planning estimate with very little (if anything) actually quantified on the project. HDR and ExeVision have been extremely responsive in developing this on a very short time line.”
Assistant Office Director/Location Engineer
Iowa Department of Transportation
(PDF, 2 Pages)