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dc.contributor.authorBaccarini, David
dc.contributor.editorSidwell, A.
dc.date.accessioned2017-01-30T11:13:56Z
dc.date.available2017-01-30T11:13:56Z
dc.date.created2008-11-12T23:36:32Z
dc.date.issued2005
dc.identifier.citationBaccarini, David. 2005. Understanding project cost contingency: A survey, in Sidwell, A.C. (ed), Proceedings of the Queensland University of Technology Research Week 2005, 4-5 Jul 2005. Brisbane, Qld: Queensland University of Technology.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/9641
dc.description.abstract

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 into project people’s understanding of the concept of project cost contingency. This paper reports the results of a survey of 78 project practitioners’ comprehension of issues pertaining to project cost contingency. Whilst there is consensus that cost contingency is a reserve of money which should be used for scope changes, a key finding is that there is a lack of appreciation that project cost contingency is a risk management notion. Consequently, the majority of practitioners (77%) continue to use a deterministic percentage approach for estimating project cost contingency. Furthermore, 46% of respondents work in organisations that do not have a policy on contingency and 36% do not manage the use of contingency. Overall, this suggests there is significant room for improvement in the understanding, estimation and management of project cost contingency.

dc.publisherQueensland University of Technology
dc.subjectproject risk management
dc.subjectcontingency
dc.titleUnderstanding project cost contingency: A survey
dc.typeConference Paper
dcterms.source.titleQUT Research Week 2005 : conference proceedings, 4-5 July 2005, Brisbane, Australia
dcterms.source.isbn1741071011
dcterms.source.conferenceQueensland University of Technology Research Week
dcterms.source.conference-start-date4-8 July 2005
dcterms.source.conferencelocationBrisbane, Queensland
dcterms.source.placeQueensland
curtin.identifierEPR-3140
curtin.accessStatusOpen access
curtin.facultyDivision of Humanities
curtin.facultyFaculty of Built Environment, Art and Design
curtin.facultyFaculty of Built Environment, Art and Design (BEAD)


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