Analyzing the Accuracy of Different Cost Estimation Technique in Hydropower Project Development

Abstract

This research paper seeks to provide an in-depth analysis of different cost estimation techniques utilized in the development of hydropower projects. This study will consider a diverse set of approaches, including but not limited to parametric, analogy, engineering cost estimating, and bottom-up, to establish which technique is most reliable and effective in prediction. It will discuss factors that may further affect the accuracy of estimates, which include project complexity, availability of data, and estimators' expertise. Real case studies of various hydropower projects will be performed to assess the performance of different techniques in practical fields. The findings from this study will go a long way in aiding the decisions to be made by project managers, investors, and policy makers who are involved in hydropower development on cost estimation and risk management. In summary, this study ultimately intends to contribute to an improvement of cost estimation practices within the hydropower industry for more appropriate and effective project planning and execution.