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Cited by 50Construction Project Management and PerformanceCapital Investment and Risk AnalysisValue Engineering and Management

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Improving Project Budget Estimation Accuracy and Precision by Analyzing Reserves for Both Identified and Unidentified Risks

Kwon, Hyukchun, Kang, Chang Wook·2019·Project Management Journal
DOI 10.1177/8756972818810963
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Abstract

Project risk is a critical factor in estimating project budget. Previous studies on this topic have only addressed estimation methods that consider project budget reserves against identified risks. As a result, project managers still face the challenge of completing projects within given budgets but without the relevant tools to deal with unidentified risks. This study proposes an approach for estimating reserves for both identified and unidentified risks separately. The study also suggests using the three-point estimation technique and R-value determination for estimating risk costs, which can improve budget accuracy and precision. The construction of residential building projects in South Korea demonstrates the advantages of the proposed approach compared with previous methods.

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Metadata

Authors
Kwon, H., & Kang, C. W.
Affiliations
Hanyang University (KR)
Corresponding author
Kwon, Hyukchun
ORCID
Kang, Chang Wook
Venue
Project Management Journal
Publisher
SAGE Publications
Published
2018-11-29
Volume
50
Issue
1
Pages
86-100
ISSN
  • 1938-9507 (ISSN-L)
  • 8756-9728
DOI
10.1177/8756972818810963
OpenAlex
W2902201766
Cited by
50
References
0
Citations by year
2026: 4 · 2025: 5 · 2024: 18 · 2023: 8 · 2022: 8 · 2021: 3 · 2020: 3 · 2019: 1
FWCI
1.33
Type
journal article
Language
en
Open access
closed
Licence
journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations
Project Management Journal (publishedVersion)
Topics
  • Social Sciences › Decision Sciences › Management Science and Operations Research › Construction Project Management and Performance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Capital Investment and Risk Analysis
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Value Engineering and Management
Keywords
project budget estimation, reserve funds, three-point estimation, R-value

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