2002 - WSDOT begins working in earnest on a new process to better estimate costs of complex transportation projects. The process came to be known as “Cost Estimate and Validation Process, CEVP.
2003 - First round of CEVPS conducted around the state on 12 Mega Projects.
2003 - A simpler version of cost risk evaluation was used for projects in Northwest Region, it was a one–day “due-diligence” review of smaller projects, referred to as “Schedule Cost Risk Evaluation” or “SCoRE” (SCoRE is no longer in use).
2003 - Cost Risk Assessment Workshops are used statewide on projects not large or complex enough to warrant a full CEVP.· 2003 - WSDOT Cost Risk Estimating Management Office is established.
2004 - CEVPs of Major project were updated
2005 - Risk Management Planning becoming more deliberate in the Project Management process.
2005 – A Policy for Cost Risk Assessment, including use of CRAs and/or CEVPs, established statewide.
What else should I know about CEVP®?
CEVP® continues to be developed. The CEVP® summaries are not a warranty that the estimates are perfect; for it is true that you only know the final costs of a project when the project is completed. CEVP® cannot change the fact that it is very early in the project development process for many of these major projects. There are still many unknowns. But risk areas that could drive up project costs can be communicated fairly to the public. In addition, the early identification of risk areas creates management opportunities to minimize the potential of project costs associated with some of those risk areas.
Journal Articles Relating to CEVP®
- Article from Seattle Daily Journal of Commerce (August 12, 2003) (pdf 430 kb)
WSDOT Program Looks at Risks to Create Better Cost Estimates
By Marc Stiles
Critics of the Washington State Department of Transportation might find it hard to believe, but its new technique of estimating the cost and risk of major projects is generating a buzz across the country.
- Article from Public Roads (July/August 2004)
Building Public Trust by Jim Sinnette
The road to public confidence is paved with accurate cost estimates and schedules, community involvement, progress tracking, and effective communications.
- Article from Public Roads (July/August 2004)
Accounting for Megaproject Dollars by Jim Sinnette
Efforts are underway to help improve cost estimating for major highway projects.
- Articles from the July/August 2004 issue of Public Roads relating to a variety of highway issues.