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  • PM Network

    The 20 - percent solution member content open

    By Smith, Ronald B. Most recently baselined project plans are inaccurate because they have unrealistic start dates, finish dates, work hours, costs and/or durations. Poor estimating during the planning phase is a big…

  • PM Network

    Estimating errors member content open

    By Swanson, Sandra A. Many projects have a thin margin of error to begin with, and economic pressures only complicate matters. When high-profile blunders occur, those involved find themselves in the harsh glare of the…

  • PM Network

    Bolts from the blue member content open

    By Smart, Maya Payne At the core of practicing risk management is the essential truth that unforeseen events are unpredictable and therefore unknowable. Organizations can, however, establish a system that will enable…

  • PM Network

    Contingency, risk and ensuring quality member content open

    By Mars, Lary A. Projects delays and cost overruns are not so much the result of bad estimates as they are due to an incomplete Work Breakdown Structure (WBS) that does not initially identify all the tasks involved.…

  • Project Management Journal

    Modeling the cost of political risk in international construction projects member content locked

    By Al-Tabtabai, Hashem M. | Alex, Alex P. This paper describes a neural network model that can provide assistance in predicting the additional increase in project cost, due to political risk source variables affecting a construction project…

  • Project Management Journal

    Project budgeting member content locked

    By Scotto, Marie A large number of the problems managers are facing in projects can be traced directly to the use of inappropriate budgeting and management techniques on project efforts. Although the engineering and…

  • Project Management Journal

    Estimating project costs with regression and risk analysis member content locked

    By Pentico, David W. Project managers use several types of models to develop project bids. But to develop a bid that does not underestimate project cost, project managers need to first understand the possible financial…

  • Project Management Quarterly

    Project reserves member content open

    By Murray, John W. | Ramsaur, William F. Project cost estimators have traditionally included in their calculations contingency amounts to cover the unexpected expenses resulting from uncertain risks. But such an approach does not always…

  • Project Management Quarterly

    Contingency member content open

    By Carrier, K. C. Traditionally, project contingencies were based on past projects. Only recently has the field introduced comprehensive statistical techniques to quantify the uncertainty of project estimates. This…

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