Student Co-author

CMC Undergraduate, HMC Undergraduate

Document Type

Article

Department

Economics (CMC), Engineering (HMC)

Publication Date

1996

Abstract

Engineers must often make a quick "ballpark" cost estimate of a new plant, facility, or piece of equipment before the detailed design phase. One easy way to obtain such an estimate is to base the cost on a known cost for a similar plant, facility, or piece of equipment by using the ratio of the capacities or sizes of the known and proposed item raised to an exponent R. This predesign cost-estimating approach is especially useful for doing sensitivity analyses and feasibility studies for which a high degree of accuracy is not required. This cost-capacity or power-factor model was first developed by Williams in 1947 for equipment costs [7] and by Chilton in 1950 for plant costs [1]. In this article, we present scale-up factors for estimating the costs of terminal expansions to existing airports in the United States and the costs of constructing new international airports.

Comments

First published by AACE International. Reprinted with the permission of AACE International, 1265 Suncrest Towne Centre Dr., Morgantown, WV 26505 USA. Phone 800-858-COST/304-296-8444. Fax: 304-291-5728. Internet: http://www.aacei.org E-mail: info@aacei.org

Copyright © 1996 by AACE International; all rights reserved.

Rights Information

© 1996 AACE International

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