Avoiding Cost Overrun Through Stochastic Cost Estimation and External Quality Assurance

• Published in: IEEE transactions on engineering management Vol. 71; pp. 1984 - 1997
• Main Authors: Welde, Morten, Klakegg, Ole Jonny
• Format: Journal Article
• Language: English
• Published: New York IEEE 2024; The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
• Subjects: Costs; Decisions under risk and uncertainty; Estimation; Government; Industries; Planning; Project evaluation; project evaluations; Project management; project planning; project success factors; Quality assurance; Quality control; Uncertainty; Norway

Cost overruns are a threat to project performance and continue to attract interest in both the popular media and the academic literature. Numerous studies from all continents have demonstrated that overruns remain prevalent in all industries. Although there are different suggestions as to what are t...