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| Author: | Jorgensen, T. Wallace, S. |
| Title: | Improving project cost estimation by taking into account managerial flexibility |
| Journal: | European Journal of Operational Research
2000 : DEC 1, VOL. 127:2, p. 239-251 |
| Index terms: | PROJECT MANAGEMENT STOCHASTIC PROCESSES SCHEDULING |
| Language: | eng |
| Abstract: | Project costs tend to be higher than depicted by budgets. Irrespective of the quality of the project management, this indicates that the budgets are not established in a way which is consistent with how projects are run. Good budgets should on average lead to zero cost overruns. The purpose of this paper is to discuss how project costs can be better estimated by taking into account how projects are actually run, in particular, how managerial flexibility adds value to a project. |
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