Session 5 of 8
Tool: Open Book Estimating
18 CM-GC
NCHRP Research Report 939 presents practical guidance for the post-award administration of projects delivered using alternative, nontraditional methods.
Tool: Open Book Estimating (18 CM-GC)
What is it?
- The contractor keeps complete estimating records and opens them for agency review and audit
Why use it?
- Verification of competitive pricing
- Early knowledge of project costs to help keep the project within budget
How to use it?
- Categorize costs (direct, indirect, contingency, mob & demob, corporate overhead, escalations, exclusions)
- Corporate overhead and profit are tracked separately for a transparent review of costs
- Use during construction to check that adequate progress is being made
Guest Speaker:
Jeffrey T. Folden, PE, DBIA, Director, I-495 & I-270 P3 Office, Maryland Department of Transportation, State Highway Administration
Documents
NCHRP ACM Contract Admin – Session 5 Slides