Estimating project cost continency - a model and exploration of research questions
Access Status
Open access
Authors
Baccarini, David
Date
2004Type
Conference Paper
Metadata
Show full item recordCitation
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
Additional URLs
Faculty
Division of Humanities
Faculty of Built Environment, Art and Design (BEAD)
Department of Construction Management
Collection
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.
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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 ...
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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 ...
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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 ...