A comprehensive scope is critical to determining cost estimates.
Cost Estimating and Cost Management Tools
Cost estimating and cost management tools support the work of project managers and estimators.
An Implementation Kit has been developed, which includes a number of tools to help project managers and estimators prepare cost estimates. The Implementation Kit includes:
- Total Project
Cost Estimate Spreadsheet (Excel 48KB)
With this spreadsheet, you can record the cost estimates for your project. After completing this spreadsheet, send it to district management for approval. Be sure to include a copy of the approved Total Project Cost Estimate Spreadsheet in the estimate file for the project.
On the spreadsheet, you’ll see several columns. The DIVISION column is the broadest view of costs, and the totals for Engineering, Right of Way, and Construction are totals that you will enter into the one-page Project Cost Estimate Summary. The GROUP and CATEGORY columns are designed to help you think about all project-related costs, and in the DETAILS column, you can record additional information and specifics.
Enter the estimate for known project costs in the EXPENSES columns, and enter contingency amounts in the CONTINGENCY column. The spreadsheet will provide totals for you. You then multiply by the inflation factor in the box at the bottom of the page by the number of years between 2009 and construction.
- Risk Tools
There are several tools to help you assign a contingency amount to your Total Project Cost Estimate:
RISK/CONTINGENCY GUIDANCE (PDF 28KB) outlines steps and instructions that will help you use the tools.
RISK REGISTER (Excel 245KB) is a spreadsheet that allows you to document and assess your risks, which will help you in determining a number to assign for contingency of the risk. This spreadsheet also helps you document your risk assessment to share if district management has questions.
RISK CHECKLIST (PDF 43KB) includes a comprehensive list of potential risks to help you in identifying those that may impact your project.
CONTINGENCY CHART (PDF 217KB) shows the contingency ranges at different levels of project development. Please note that this chart is from Ohio/DOT and the information has not been verified for Mn/DOT.
Mn/DOT's Risk Management Web Site
- RACI Diagrams
See the Technical Reference Manual (TRM) page 31 for details on RACI Diagrams. These are coded according to the process model (TRM page 16).
RACI Charts for Planning (Word 145KB)
RACI Charts for Design (Word 152KB)
RACI Charts for Scoping (Word 151KB)
RACI Charts for Letting (Word 128KB)
- One-Page Project Cost Estimate Summary
After management review and approval of your Total Project Cost Estimate Spreadsheet, you will complete a one-page PROJECT COST ESTIMATE SUMMARY for each project. Attached are an example and a template for the project cost estimate summary.
Project Cost Estimate Summary Example (PDF 1.7 MB)
Project Cost Estimate Summary Template (Word 342KB)
Project Cost Estimate Summary Preparation Guidance (Word 50KB)
Cost Estimation and Cost Management Technical Reference Manual
The Cost Estimation and Cost Management (CE/CM) Technical Reference Manual includes the steps, policies, and tools to help Mn/DOT achieve accuracy, accountability, and consistency in estimating and managing costs during the planning, scoping, design, and letting phases of project delivery.
Designed for all those who are involved in estimating and managing project costs, the manual includes four main sections:
The sections Introduction and Essentials include information that is important for all staff members who are involved in project delivery. The Practice section provides guidance for project managers and estimators during project delivery phases; the design chapter incorporates important cost management steps. The Appendices offer specifics about cost estimating and cost management tools.
As Mn/DOT continues its implementation, the Office of Project Scoping and Cost Management will update the manual; look for the most current PDF on this web site.
- Training Schedule Announced
- Implementation begins
- Office of Project Scope and Cost Management established
- Peer Review Workshop applies key concept