Cost Risk Assessment

Cost Risk Assessment (CRA) is a term used to describe a broad program of risk based assessment being conducted within Washington State Department of Transportation. CRA is also a term that describes a workshop process similar but less intense than a Cost Estimate Validation Process® (CEVP). Risk Management is an integral part of the WSDOT Project Management Process.

Risk Assessment/ Allocation for Highway Construction Management
FHWA Scan Report, October 2006

Risk analysis/contingency determination/range estimating
AACEI No. 41R-08, June 25, 2008, (pdf 86 kb)

Guidance for Cost Estimation for Highway Projects
March 2007

Lifting the Veil, Roads and Bridges
June 2006 (pdf 47 kb)

Underestimating Costs in Public Works Projects - Error or Lie?
Flyvbjerg et al, Summer 2002

Development of CEVP® - WSDOT's Cost Risk Estimating Process
February 2004 (pdf 593 kb)

Cost Estimating and Risk - Management for Underground Projects
May 2005 (pdf 159.7 kb)

Management/Control of Cost & Risk for Tunneling and Infrastructure Projects
May 2004 (pdf 202.4 kb)

Managing Cost and Schedule - CEVP and Risk Management Poster
(pdf 296 kb)

Association for the Advancement of Cost Engineering (AACE) International

Transportation Estimators Association (TEA)

Trns.port Users Group (TUG)