NCHRP Research Report 939 presents practical guidance for the post-award administration of projects delivered using alternative, nontraditional methods.
Tool: Opinion of Probable Construction Cost (26 CM-GC)
Session 6 of 8: October 27, 2022
What is it?
- Iterative process for monitoring and validating the development of the cost estimate at key design milestones
Why use it?
- Verify that the CM-GC estimate is competitive
- Provides agency with an early indication of the project cost
- Discover discrepancies in the estimating assumptions
How to use it?
- ICE and/or agency staff prepare a production-based estimate
- Prior to estimating, a basic cost model and assumptions are developed collaboratively
- OPCCs are prepared with key submittals
- OPPC estimates are good-faith estimates and nonbinding
- Cost comparison spreadsheet used for comparison
- Discuss cost deviations and clarify and revise assumptions
Documents
NCHRP ACM Contract Admin – Session 6 Slides