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Improving Project Budget Estimation Accuracy and Precision by Analyzing Reserves for Both Identified and Unidentified Risks

Title
Improving Project Budget Estimation Accuracy and Precision by Analyzing Reserves for Both Identified and Unidentified Risks
Author
강창욱
Keywords
contingency reserve; management reserve; risk cost; budget estimation
Issue Date
2018-11
Publisher
Wiley-Blackwell
Citation
Project Management Journal, v. 50, No. 1, Page. 86-100
Abstract
Project risk is a critical factor in estimating project budget. Previous studies on this topic have only addressed estimation methods that consider project budget reserves against identified risks. As a result, project managers still face the challenge of completing projects within given budgets but without the relevant tools to deal with unidentified risks. This study proposes an approach for estimating reserves for both identified and unidentified risks separately. The study also suggests using the three-point estimation technique and R-value determination for estimating risk costs, which can improve budget accuracy and precision. The construction of residential building projects in South Korea demonstrates the advantages of the proposed approach compared with previous methods.
URI
https://journals.sagepub.com/doi/abs/10.1177/8756972818810963https://repository.hanyang.ac.kr/handle/20.500.11754/98933
ISSN
1938-9507; 8756-9728
DOI
10.1177/8756972818810963
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
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