Why projects often fail even with high cost contingencies
Description:
In this note we assume that the individual risks have been adequately quantified and the total project cost contingency adequately computed to ensure an agreed-to probability or confidence level that the total project cost estimate will not be exceeded. But even projects that implement such a process are likely to result in significant cost overruns and/or project failure if the project manager allocates the contingencies to the individual subsystems. The intuitive and mathematically valid solu…
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Date:
February 28, 2002
Creator:
Kujawski, Edouard
Item Type:
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Partner:
UNT Libraries Government Documents Department