Diekmann, J E (1983) Probabilistic estimating: Mathematics and applications. Journal of Construction Engineering and Management, 109(3), pp. 297-308. ISSN 0733-9364
Abstract
In response to the increased risk levels found in today’s projects, project participants are attempting to quantify project cost risk. Various detailed and conceptual estimating formats are reviewed and a number of probabilistic estimating methods are introduced. Particular attention is given to the process of matching a suitable probabilistic estimating technique to a specific estimating format. To select an appropriate probabilistic method, an estimator must consider data availability, existing correlations, output data requirements, the form of the. estimating model, and the number of cost elements contained in the model. Existing obstacles to more realistic probabilistic cost estimates are reviewed.
| Item Type: | Article |
|---|---|
| Index terms: | estimator, project cost, estimating, cost estimate |
| Subjects: | economics, profession, financial and cost management |
| Topics: | Roles and Professions, Cost Management |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here