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Birnie, J (1996) Bias and financial management judgements. Journal of Financial Management of Property and Construction, 1(01), 37–54.

  • Type: Journal Article
  • Keywords: bias; cost prediction; decision theory/analysis; estimating; human judgement
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    The paper considers the psychology of human predictive judgements and how this may influence decision making in the financial management of property and construction. Relevant work in behaviourial decision making related to human bias is reviewed and the extent to which professional training may improve the quality of the judgement is examined. The findings of some empirical work which confirmed the evidence of bias is reported. The overall conclusion is that many intuitive judgements are likely to contain bias. Training, however, helps to reduce the extent of the bias, and more importantly, an understanding of human behaviour in intuitive judgement making, leads to a greater awareness of the likely existence of bias.

Farrell, M L (1996) Real property valuation in a context of Knight-Keynes uncertainty. Journal of Financial Management of Property and Construction, 1(01), 5–20.

Kaka, A P (1996) Decision support system for plant-hirers' financial strategies. Journal of Financial Management of Property and Construction, 1(01), 21–36.

Khosrowshahi, F (1996) Value profile analysis of contruction projects. Journal of Financial Management of Property and Construction, 1(01), 55–76.

Pitt, T J and Griffith, G T T (1996) Space modelling in healthcare properties. Journal of Financial Management of Property and Construction, 1(01), 77–88.

Sloan, B, McLeod, B N, Smith, R M and Goodall, W L (1996) A functional cost approach in the development and use of a project budget cost limit estimator (PBCLE) for capitol building works. Journal of Financial Management of Property and Construction, 1(01), 89–100.