Managing risks and uncertainty are terms that are used interchangeably by project teams.
Research on project procurement shows unexpected events in project delivery are often …

This paper presents a probabilistic model that considers the random nature of change
orders and their impact on the cost and schedule of a construction project. The model …

The construction industry is one of the most dynamic, risky, and challenging businesses.
Due to construction projects' complexity and uniqueness, the number of risks present …

If cost contingency is too high, it might cause the construction project to be uneconomic,
aborted, and lock-up funds not available for other organizational activities; if too low, it may …

More and more construction projects are closed before they ever start. Among the most
significant reasons for project failures is cost risk. Construction companies have many …

Risk analysis is crucial in enabling management to make informed decisions regarding the
economic viability of engineering projects. In most building construction projects …

A simplified model for total project cost is developed in this paper to meet the numerous
requests from decision makers for a model that can be used to estimate the total project cost …

Many developing countries are now attempting to finance new infrastructure projects
through private sector participation. This paper outlines a methodology based on financial …

Purpose–In the construction industry, it is well known that there is a relatively large volume
of material being wasted due to a variety of reasons. The problem of material waste on …

A pragmatic procedure is suggested to determine the size of a project's, a program's, or a
system's risk contingency budget at any specified level of certainty, eg, 99% confidence. The …