Using risk analysis to determine construction project contingencies

Journal of Construction Engineering and Management

Volumn 126, Issue 2, 2000, Pages 130-136

  Stephen, Mak ^a   Picken, David ^b  

^a HONG KONG POLYTECHNIC UNIVERSITY   (Hong Kong)

^b DEAKIN UNIVERSITY   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

CONSTRUCTION INDUSTRY; COSTS; FINANCE; PUBLIC POLICY; PUBLIC WORKS; RISK ASSESSMENT;

CAPITAL BUDGETING POLICY; CONTINGENCY ALLOWANCE; CONTINGENCY ESTIMATES;

PROJECT MANAGEMENT;

EID: 0343826814     PISSN: 07339364     EISSN: None     Source Type: Journal    
DOI: 10.1061/(ASCE)0733-9364(2000)126:2(130)     Document Type: Article

References (9)

1. Edwards, W. (1968). "Conservatism in human information processing." Formal representation of human judgment, B. Kleinmuntz, ed., New York, Wiley.
2. HM Treasury. (1993). "Managing risk and contingency for works projects." Guidance Note No. 41, Central Unit on Procurement, Her Majesty's Treasury, U.K.
3. Kahneman, D., and Tversky, A. (1972). "Subjective probability: A judgment of representativeness." Cognitive Psychology, 3, 430-454.
4. Mak, S., and Raftery, J. (1992). "Risk attitude and systematic bias in estimating and forecasting." J. Constr. Mgmt. and Economics, 10(4), 303-320.
5. Musgrave, R. A., and Musgrave, P. B. (1984). Public finance in theory and practice. McGraw-Hill, New York.
6. Raftery, J. (1994). Risk analysis in project management. E&FN Spon, London.
7. Thompson, A., and Perry, J. G. (1992). Engineering construction risks: A guide to project risk analysis and risk management. Thomas Telford, London.
8. Toakley. (1995). "Risk management applications - a review." Australian Inst. of Build. Papers, 6, 77-85.
9. Works Branch Government Secretariat. (1992). "Works Branch Technical Circular No. 21/92: Estimating using risk analysis." Works Branch Internal Document, Hong Kong Government, Hong Kong.