Zhang, L;
Li, Y;
Sun, N;
Ning, Y;
(2025)
Understanding project cost contingency estimation: a holistic risk perspective.
International Journal of Managing Projects in Business
, 18
(1)
pp. 139-164.
10.1108/IJMPB-07-2024-0162.
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Abstract
PURPOSE: Cost contingency is widely employed to address project risks. This systematic literature review aims to develop a framework for understanding risks in project cost contingency estimation. DESIGN/METHODOLOGY/APPROACH: A systematic literature review of 859 abstracts and 67 full articles was conducted using a framework synthesis method. FINDINGS: The study establishes a six-element risk framework for project cost contingency estimation, encompassing event, consequence, uncertainty, probability, knowledge, and mitigation. Twelve risk dimensions in the project cost contingency estimation are further developed. ORIGINALITY/VALUE: This study contributes to the project management literature by constructing a framework for understanding risks in project cost contingency estimation. This framework provides guidance for enhancing the accuracy of project cost contingency estimation.
| Type: | Article |
|---|---|
| Title: | Understanding project cost contingency estimation: a holistic risk perspective |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1108/IJMPB-07-2024-0162 |
| Publisher version: | https://doi.org/10.1108/ijmpb-07-2024-0162 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Project cost contingency; Risk; Systematic literature review; Framework |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10206280 |
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| 2. |  United Kingdom | 6 |
| 3. |  Indonesia | 3 |
| 4. |  India | 3 |
| 5. |  Taiwan | 2 |
| 6. |  Canada | 2 |
| 7. |  China | 2 |
| 8. |  South Africa | 2 |
| 9. |  Denmark | 2 |
| 10. |  Vietnam | 1 |
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