Abstract
This article focuses on how data from completed projects can be applied to uncertainty analysis. Cost estimates and risk assessments in public construction projects rely on expert opinions and, by little extent, historical figures. By analysing the relationship between project features and budget deviation through statistical methods, we find that total area and estimated square meter price is significantly negatively correlated to cost overruns. Smaller projects tend to have higher cost overruns than larger ones. We argue that cost risk analyses can be improved by such insight.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
