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Ford, D N (2002) Achieving Multiple Project Objectives through Contingency Management. Journal of Construction Engineering and Management, 128(01), 30–39.

  • Type: Journal Article
  • Keywords: Contingency; Project management; Cost control; Budgeting; project management; cost optimal control; budgeting; civil engineering;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2002)128:1(30)
  • Abstract:
    Project managers use budgets to satisfy multiple objectives such as cost control, short durations, and high quality. Contingency funds are included in project budgets to manage risk and achieve project goals. Understanding how managers use budget contingencies requires a dynamic information processing model of how managers bridge the gap between high project complexity and limited managerial capacity. The results of collecting contingency management practices of real estate development project managers is reported and a dynamic simulation model of contingency management described. The model is used to test hypotheses of the effectiveness of aggressive and passive management strategies on cost, timeliness, and facility value. Managers were found to pursue general project objectives in their management of contingency. An aggressive strategy was found to be more robust but performed poorer than a passive strategy. Conclusions include the prevalence of trade-offs between robust and high-performance contingency management policies in construction projects and the importance of incorporating uncertainty into project planning and management.

Haas, C and Einstein, H H (2002) Updating the Decision Aids for Tunneling. Journal of Construction Engineering and Management, 128(01), 40–48.

Hanna, A S, Camlic, R, Peterson, P A and Nordheim, E V (2002) Quantitative Definition of Projects Impacted by Change Orders. Journal of Construction Engineering and Management, 128(01), 57–64.

Jaselskis, E J, Kurtenbach, J M and Forrest, J (2002) Enhancing Financial Success Among Electrical Contractors. Journal of Construction Engineering and Management, 128(01), 65–75.

Lee, E, Roesler, J, Harvey, J T and Ibbs, C W (2002) Case Study of Urban Concrete Pavement Reconstruction on Interstate 10. Journal of Construction Engineering and Management, 128(01), 49–56.

Love, P E D (2002) Influence of Project Type and Procurement Method on Rework Costs in Building Construction Projects. Journal of Construction Engineering and Management, 128(01), 18–29.

McCabe, B, AbouRizk, S and Gavin, J (2002) Time of Sampling Strategies for Asphalt Pavement Quality Assurance. Journal of Construction Engineering and Management, 128(01), 85–89.

Thomas, H R (2002) 2000 Peurifoy Lecture: Construction Practices in Developing Countries. Journal of Construction Engineering and Management, 128(01), 1–7.

Wang, W (2002) SIM-UTILITY: Model for Project Ceiling Price Determination. Journal of Construction Engineering and Management, 128(01), 76–84.

Yates, J K and Lockley, E E (2002) Documenting and Analyzing Construction Failures. Journal of Construction Engineering and Management, 128(01), 8–17.