Newton, S (1992) Methods of analysing risk exposure in the cost estimates of high quality offices. Construction Management and Economics, 10(5), pp. 431-449. ISSN 01446193
Abstract
The paper considers two non-deterministic methods of analysing the risk exposure in a cost estimate. Both methods are applied to the same data sample of eight high quality office buildings. An assessment of each method is made in the context of this practical application. The common practice of allowing for risk through an all-embracing contingency sum or percentage addition is challenged. Rather than excluding conventional, deterministic methods, they are here presented as possibly the only effective foundation on which to base risk management in cost estimating.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cost estimating; risk analysis; risk exposure; simulation |
| Index terms: | office building, exposure, cost estimate, cost estimating, risk analysis, risk management |
| Subjects: | risk assessment, construction type, public and environmental health, financial and cost management, environmental hazards |
| Topics: | Health and Safety, Cost Management, Risk Management, Construction Technology, Sustainability |
| Descriptive scope: | 2 PC |
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