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Estimating project cost continency - a model and exploration of research questions

Access Status
Open access
Authors
Baccarini, David
Date
2004
Type
Conference Paper

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Citation
Baccarini, David. 2004. Estimating project cost contingency - a model and exploration of research questions, in Khosrowshahi, Farzad (ed), ARCOM 20th Annual Conference, September 2004, pp. 105-113. Heriot-Watt University, Edinburgh: Association of Researchers in Construction Management.
Source Title
Proceedings of the ARCOM 20th Annual Conference
Source Conference
ARCOM 20th Annual Conference
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Faculty
Division of Humanities
Faculty of Built Environment, Art and Design (BEAD)
Department of Construction Management
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Abstract

The cost performance of building construction projects is a key success criterion for project sponsors. Projects require budgets to set the sponsor's financial commitment and provide the basis for cost control and measurement of cost performance. A key component of a project budget is cost contingency. A literature review of the concept of project cost contingency is presented from which a model for the estimating of project cost contingency is derived. This model is then used to stimulate a range of important research questions in regard to estimating project cost contingency and the measurement of its accuracy.