Historical data provide low-cost estimating tool

11/20/2006
Historical data can help develop surrogate cost estimates for pipeline construction, potentially replacing a more costly full engineering study.A complete engineering package likely provides the best cost estimate, but such packages are expensive and sometimes this investment is unwarranted. And even with such an effort, construction surprises, delays, and shortages of materials or labor can still add unexpected costs.Uncertainty surrounds any advance estimate of pipeline construction costs. But the ability to calculate reasonably accurate cost estimates for large pipeline projects without the cost of an engineering effort can help in decision making both in terms of policy and regulatory...
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