Major projects rarely fail without warning. The warning signs are usually visible long before the final cost overrun, programme delay or uncomfortable board meeting. Scope remains unclear. Assumptions are left untested. Design development moves more slowly than expected. Risk allowances become placeholders. Market conditions change, but the estimate does not. Yet organisations often wait until…
Contingency is one of the most commonly used words in cost estimating. It is also one of the least consistently understood. Ask five people on the same project what ‘contingency’ means, and you may receive five different answers. One person will call it a risk allowance. Another will describe it as money for unknowns. Someone…
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