Critical factors influencing cost estimators’ judgements on cost contingencies in highway construction projects: An empirical study in the UK
Lilin Zhao, Jinpeng Wang, Shang Zhang · 2024
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Description
Lilin Zhao, Jinpeng Wang, and Shang Zhang put out a building study in 2024 on highway project budgets in the United Kingdom. Builders add contingency money to bids for surprise costs. Estimators assign very unlike amounts for the same risk. Outside forces on those choices were well studied, but personal ones were not.
The authors talked with a dozen seasoned cost estimators. A follow-up group session checked the talk findings. Thirteen factors shaping those judgments emerged from the talks. Several were personal skills or habits rather than project facts. They included talking with those affected and looking back on past work. Being open to project shocks also mattered. The study argues how estimators judge merits a look beside formal risk models.
Catalog record
| CREATOR | Lilin Zhao, Jinpeng Wang, Shang Zhang |
|---|---|
| YEAR | 2024 |
| COLLECTION | PAPERS |
| FORMAT | TXT |
| FILE SIZE | 53 KB |
| VERSION | 1.0 |
| LICENSE | CC BY 4.0 |
| RIGHTS | CC BY |
| SOURCE | Europe PMC |