Empirical Analysis of Lump Sum Pay Item Prices for Highway Projects

9 pages•Published: May 15, 2022

Minsoo Baek, Mingshu Li and Baabak Ashuri

Abstract

Cost estimates for Lump Sum (LS) pay items are typically completed using historical information from similar projects or knowledge from subject matter experts. Since LS pay items are mainly unitless and do not have a consistent relationship with their quantities, it imposes a critical burden on estimating accurate prices of LS pay items for highway projects. State highway agencies (SHAs) often encounter significant variations in prices of LS pay items throughout the project development process. Inaccuracies of prices of LS pay items can cause significant cost escalation, project delay, and scope change. However, the current literature indicates that few studies have focused on exploring factors affecting the prices of LS pay items for highway projects. Thus, the overarching objective of this study is to identify and analyze factors affecting the prices of LS pay items used for highway projects. This study analyzed Traffic Control Lump Sum (TCLS) and Grading Complete Lump Sum (GCLS) pay items collected in the state of Georgia, using statistical analysis. This study identified the relationships between the prices of the LS pay items and important project-related factors, such as construction cost, estimated contract time, and major projects. The findings of this study help SHAs estimate more accurate prices of LS pay items and develop more accurate construction costs for highway projects.

Keyphrases: big data, lump sum items, regression analysis, transportation projects, tukey kramer post hoc analysis

In: Tom Leathem, Wes Collins and Anthony Perrenoud (editors). ASC2022. 58th Annual Associated Schools of Construction International Conference, vol 3, pages 209-217.

Links:	https://easychair.org/publications/paper/Pn9Z
	https://doi.org/10.29007/fc2c

BibTeX entry

@inproceedings{ASC2022:Empirical_Analysis_Lump_Sum,
  author    = {Minsoo Baek and Mingshu Li and Baabak Ashuri},
  title     = {Empirical Analysis of Lump Sum Pay Item Prices for Highway Projects},
  booktitle = {ASC2022. 58th Annual Associated Schools of Construction International Conference},
  editor    = {Tom Leathem and Wes Collins and Anthony Perrenoud},
  series    = {EPiC Series in Built Environment},
  volume    = {3},
  publisher = {EasyChair},
  bibsource = {EasyChair, https://easychair.org},
  issn      = {2632-881X},
  url       = {/publications/paper/Pn9Z},
  doi       = {10.29007/fc2c},
  pages     = {209-217},
  year      = {2022}}

Download PDF Open PDF in browser