Estimating project cost continency - a model and exploration of research questions
MetadataShow full item record
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.
Showing items related by title, author, creator and subject.
Baccarini, David; Love, Peter (2014)Cost contingency is one component of a project’s budget to cater for cost growth. The determination of a project’s cost contingency is a pervasive problem because the amount that is incorporated into an estimate is ...
Baccarini, David (2005)Patrascu (1988) observed nearly two decades ago that "contingency is probably the most misunderstood, misinterpreted, and misapplied word in project execution." Since that time there has been little empirical research ...
Baccarini, David (2004)The cost performance of building construction projects is a key success criterion for project sponsors. Project cost performance is typically measured by comparing final cost against budget. A key component of the project ...