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Asgari, S, Afshar, A and Madani, K (2014) Cooperative Game Theoretic Framework for Joint Resource Management in Construction. Journal of Construction Engineering and Management, 140(03).
Baccarini, D and Love, P E D (2014) Statistical Characteristics of Cost Contingency in Water Infrastructure Projects. Journal of Construction Engineering and Management, 140(03).
- Type: Journal Article
- Keywords: Australia; Costs; Infrastructure; Water management; Australia; Cost contingency; Cost growth; Water infrastructure projects;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000820
- Abstract:
Cost contingency is one component of a project’s budget to cater for cost growth. The determination of a project’s cost contingency is a pervasive problem because the amount that is incorporated into an estimate is invariably insufficient to accommodate the cost growth of a project. This study analyzed the statistical characteristics of cost contingency and cost growth experienced in 228 similar Australian water infrastructure projects that were procured by using traditional lump contracts. It was revealed that mean project final costs exceeded the approved budgets that contained contingency. The mean contingency percentage addition was 8.46%, yet the mean contingency required for the final cost was 13.58% for the sampled projects. Thus, the deterministic percentage addition, used by the sponsor to accommodate for cost growth beyond their baseline budget, was inaccurate. To improve the accuracy of a contingency estimate, the empirical distributions of cost contingency and cost performance were examined to determine their best-fit probability distribution. The research presented in this paper demonstrates that determining the best fit probability distribution provides a more robust and defendable basis for selecting a cost contingency than the traditional deterministic percentage approach.
Blomberg, D, Cotellesso, P, Sitzabee, W and Thal, A E (2014) Discovery of Internal and External Factors Causing Military Construction Cost Premiums. Journal of Construction Engineering and Management, 140(03).
Bowen, P, Edwards, P, Lingard, H and Cattell, K (2014) Predictive Modeling of Workplace Stress among Construction Professionals. Journal of Construction Engineering and Management, 140(03).
Bowen, P, Edwards, P, Lingard, H and Cattell, K (2014) Workplace Stress, Stress Effects, and Coping Mechanisms in the Construction Industry. Journal of Construction Engineering and Management, 140(03).
Chai, C, de Brito, J, Gaspar, P L and Silva, A (2014) Predicting the Service Life of Exterior Wall Painting: Techno-Economic Analysis of Alternative Maintenance Strategies. Journal of Construction Engineering and Management, 140(03).
Chiang, Y H, Zhou, L, Li, J, Lam, P T I and Wong, K W (2014) Achieving Sustainable Building Maintenance through Optimizing Life-Cycle Carbon, Cost, and Labor: Case in Hong Kong. Journal of Construction Engineering and Management, 140(03).
Cirilovic, J, Vajdic, N, Mladenovic, G and Queiroz, C (2014) Developing Cost Estimation Models for Road Rehabilitation and Reconstruction: Case Study of Projects in Europe and Central Asia. Journal of Construction Engineering and Management, 140(03).
Fan, S (2014) Intellectual Property Rights in Building Information Modeling Application in Taiwan. Journal of Construction Engineering and Management, 140(03).
Gao, T, Ergan, S, Akinci, B and Garrett, J H (2014) Proactive Productivity Management at Job Sites: Understanding Characteristics of Assumptions Made for Construction Processes during Planning Based on Case Studies and Interviews. Journal of Construction Engineering and Management, 140(03).
Jafarzadeh, R, Wilkinson, S, González, V, Ingham, J M and Amiri, G G (2014) Predicting Seismic Retrofit Construction Cost for Buildings with Framed Structures Using Multilinear Regression Analysis. Journal of Construction Engineering and Management, 140(03).
Karan, E P, Sivakumar, R, Irizarry, J and Guhathakurta, S (2014) Digital Modeling of Construction Site Terrain Using Remotely Sensed Data and Geographic Information Systems Analyses. Journal of Construction Engineering and Management, 140(03).
Leung, M, Yu, J and Chan, Y S (2014) Focus Group Study to Explore Critical Factors of Public Engagement Process for Mega Development Projects. Journal of Construction Engineering and Management, 140(03).
Malone, E K and Issa, R R (2014) Predictive Models for Work-Life Balance and Organizational Commitment of Women in the U.S. Construction Industry. Journal of Construction Engineering and Management, 140(03).
Oviedo-Haito, R J, Jiménez, J, Cardoso, F F and Pellicer, E (2014) Survival Factors for Subcontractors in Economic Downturns. Journal of Construction Engineering and Management, 140(03).