The maturing concept of estimating project cost contingency: A review
Access Status
Open access
Authors
Baccarini, David
Date
2006Type
Conference Paper
Metadata
Show full item recordCitation
Baccarini, David. 2006. The maturing concept of estimating project cost contingency: A review, in Runeson, G. and Best, R. (ed), Proceedings of the Australasian University Building Educators Association Annual Conference 2006: 31st Annual Conference, Jul 11-14 2006. Sydney, NSW: University of Technology.
Source Title
AUBEA2006: Proceedings
Source Conference
AUBEA conference 2006
ISBN
Faculty
Faculty of Built Environment, Art and Design
Collection
Abstract
Contingency is a ubiquitous component of project cost estimating. This paper provides a review of the literature pertaining to the estimating of project cost contingency. It describes the flaws of the tradition percentage method for estimating project cost contingency and sets out more robust estimation methods - regression analysis, Monte Carlo simulation and artificial neutral networks. In particular, the application of regression analysis for predicting project cost contingency is reviewed in detail as a prelude to the author’s research into the development and testing of a regression model for forecasting project cost contingency for engineering construction projects.
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