Research Article
Dec 1974
Probabilistic Approach to Estimating and Cost Control
Publication: Journal of the Construction Division
Volume 100, Issue 4
Abstract
The probabilistic nature of estimating and cost control is presented. An approach for selecting the operations within a project that can advantageously be estimated more precisely is analyzed. This approach compares the expected values of the optimal bids based on estimates of varying precision. Increased expected value of an estimate is used to indicate that the cost of a more precise estimate has been well invested. Using the methods outlined it is possible not only to monitor changes in expected cost but variation in risk of a project as it progresses.
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Published In
Journal of the Construction Division
Volume 100 • Issue 4 • December 1974
Pages: 543 - 552
Copyright
© 1974 American Society of Civil Engineers.
History
Published in print: Dec 1974
Published online: Feb 11, 2021
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Authors
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Antonio J. Vergara
Grad. Research Asst. in Civ. Engrg., Univ. of Illinois at Urbana-Champaign, Urbana, Ill.
LeRoy T. Boyer, M.ASCE
Assoc. Prof. of Civ. Engrg., Univ. of Illinois at Urbana-Champaign, Urbana, III.
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ASCE Library Cards let you download journal articles, proceedings papers, and available book chapters across the entire ASCE Library platform. ASCE Library Cards remain active for 24 months or until all downloads are used. Note: This content will be debited as one download at time of checkout.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.