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Baccarini, D (2004) Estimating project cost contingency: a model and exploration of research questions. In: Khosrowshahi, F (Ed.), Proceedings 20th Annual ARCOM Conference, 1-3 September 2004, Edinburgh, UK. Association of Researchers in Construction Management, Vol. 1, 105–13.
- Type: Conference Proceedings
- Keywords: cost contingency; project cost performance; project risk management
- ISBN/ISSN: 0 9534161 9 4
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2004-0105-0113_Baccarini.pdf
The cost performance of building construction projects is a key success criterion for project sponsors. Projects require budgets to set the sponsor's financial commitment and provide the basis for cost control and measurement of cost performance. A key component of a project budget is cost contingency. A literature review of the concept of project cost contingency is presented from which a model for the estimating of project cost contingency is derived. This model is then used to stimulate a range of important research questions in regard to estimating project cost contingency and the measurement of its accuracy.