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Bowen, P A, Edwards, P J and Cattell, K (2009) Value management practice in South Africa: the built environment professions compared. Construction Management and Economics, 27(11), 1039–57.

Bryde, D J and Volm, J M (2009) Perceptions of owners in German construction projects: congruence with project risk theory. Construction Management and Economics, 27(11), 1059–71.

Doloi, H (2009) Relational partnerships: the importance of communication, trust and confidence and joint risk management in achieving project success. Construction Management and Economics, 27(11), 1099–109.

Liu, S-S and Wang, C-J (2009) Two-stage profit optimization model for linear scheduling problems considering cash flow. Construction Management and Economics, 27(11), 1023–37.

McGrath-Champ, S and Rosewarne, S (2009) Organizational change in Australian building and construction: rethinking a unilinear ‘leaning’ discourse. Construction Management and Economics, 27(11), 1111–28.

Nguyen, N H, Skitmore, M and Wong, J K W (2009) Stakeholder impact analysis of infrastructure project management in developing countries: a study of perception of project managers in state-owned engineering firms in Vietnam. Construction Management and Economics, 27(11), 1129–40.

Pietroforte, R, Gregori, T and Falagario, M (2009) The changing input structure of the US construction industry: a longitudinal analysis. Construction Management and Economics, 27(11), 1089–98.

Tseng, C-L, Zhao, T and Fu, C C (2009) Contingency estimation using a real options approach. Construction Management and Economics, 27(11), 1073–87.

  • Type: Journal Article
  • Keywords: contingency; estimating; project management; real options; stochastic modelling
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190903222411
  • Abstract:
    In construction projects, contingency is the budget which is made available to cope with uncertainties that would incur schedule and cost overruns. Contingency estimation requires considering project cost, schedule and technology variability. The effect of dynamic project management of the decision maker should also be taken into account. Accordingly a real options approach for estimating contingency from the owner’s point of view is presented. This approach not only explicitly recognizes the uncertainty in the life cycle of a construction project, but also incorporates a dynamic project management mechanism into contingency estimation. The contingency is valued by minimizing the expected project cost via a multi-stage stochastic model that accounts for the variability of project cost and schedule and the exercise of dynamic project crashing. The numerical results indicate that the value of the decision maker’s dynamic project management makes up an important portion of the contingency.

Xia, B, Chan, A P C and Yeung, J F Y (2009) Identification of key competences of design-builders in the construction market of the People's Republic of China (PRC). Construction Management and Economics, 27(11), 1141–52.