Construction — You need risk-based cost estimating
Mining Engineering, 2016, Vol. 68, No. 4, pp. 107-107
Reilly, John; Sander, Phillip; Moergeli, A.
Estimating and managing the costs of complex infrastructure projects – in the planning/design and construction phases, for both owners and contractors – has been a challenge for decades. The more complex and technologically advanced the project, the greater the uncertainty, including potential risks, that are important to owners and contractors, such as:
Cost risks to owners – meeting budget and schedule, maintaining public credibility.
Cost risks to contractors – profit, consequences of loss, impacts to reputation/future work.
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