Evaluation of cost estimates should be fair and give incentives for accuracy. These goals, we
argue, are challenged by a lack of precision in what is meant by a cost estimate and the use …

In response to the increased risk levels found in today's projects, project participants are
attempting to quantify project cost risk. Various detailed and conceptual estimating formats …

This paper reports findings from a study of cost estimates of 31 major public investment
projects in Norway. It is aimed at analysing the development of cost estimates before the …

This paper presents a mathematical model for calculating the budgetary impact of increasing
the required confidence level in a probabilistic risk assessment for a portfolio of projects. The …

Estimates can be prepared at any stage during a project but in order to make use of an
estimate it is important to consider its purpose, the stage of the project when it was prepared …

Cost overrun and schedule delays have plagued transportation projects in various parts of
the world for the past several decades. Research has shown that this is due to many …

The prevalence of cost overrun in project delivery suggests an acute dearth of inclusive
understanding of the effect of risks on construction cost estimation. In aberrant to the generic …

Traditional methods of estimating project costs do not attempt to assess the magnitude of the
variation inherent in the estimate. As a result, there is a risk that decisions on strategy …

In most cost estimating applications at the NASA Langley Research Center (LaRC), it is
desirable to present predicted cost as a range of possible costs rather than a single …

Cost estimation is an important part of project planning. Over the years different approaches
have developed, taking uncertainty into account in the cost estimation processes in order to …