Dynamic management of cost contingency: impact of KPIs and risk perception

Ayub, Bilal, Thaheem, Muhammad Jamaluddin and Din, Zia ud 2016, Dynamic management of cost contingency: impact of KPIs and risk perception, in ICSDEC 2016 – Integrating Data Science, Construction and Sustainability, Elsevier, Amsterdam, The Netherlands, pp. 82-87, doi: 10.1016/j.proeng.2016.04.021.

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Title Dynamic management of cost contingency: impact of KPIs and risk perception
Author(s) Ayub, Bilal
Thaheem, Muhammad JamaluddinORCID iD for Thaheem, Muhammad Jamaluddin orcid.org/0000-0001-6092-7842
Din, Zia ud
Conference name Integrating Data Science, Construction and Sustainability. International Conference (2016 : Tempe, Arizona)
Conference location Tempe, Arizona
Conference dates 2016/05/18 - 2016/05/20
Title of proceedings ICSDEC 2016 – Integrating Data Science, Construction and Sustainability
Publication date 2016
Start page 82
End page 87
Total pages 6
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Summary © 2016 The Authors. Risks are inherent in construction projects. In order to manage risks, contingency amount is set aside usually in an escrow account. Cost contingency can be a handsome amount that would get blocked during the execution of the project for further use, incurring constant opportunity cost. The stakeholders may wish to use this held amount for other endeavors during project execution. The managerial practices for dynamic contingency management are of extreme importance. Stakeholders anticipate risks and hindsight project performance by eyeing key performance indicators of a project to direct decisions. The aim of this research is to integrate project key performance indicators with future risk perception to develop a decision support system for facilitating cost contingency release requests. The model is expected to help decision making to ease the managerial burden ensuring effective use of contingency. The findings are not conclusive due to ongoing nature of research.
Notes Published in the journal Procedia Engineering, vol 145, pp. 82-87
ISSN 1877-7058
Language eng
DOI 10.1016/j.proeng.2016.04.021
Indigenous content off
Field of Research MD Multidisciplinary
HERDC Research category E1.1 Full written paper - refereed
Copyright notice ©2016, The Authors
Free to Read? Yes
Persistent URL http://hdl.handle.net/10536/DRO/DU:30123336

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