Evaluation of Uncertainties in Cost Estimations

Summary This paper examines uncertainty in several cost estimation methods for large infrastructure projects. In particular the impact and consequences of different unexpected events that have occurred during the construction of various tunnels and aqueducts will be treated. Combined with the cost estimation development, several hypotheses concerning uncertainty prediction and correlation will be verified. First, the basis for researching this topic is described and the methods of estimation and uncertainty prediction are presented. Based upon the results of an extensive investigation into the occurrence of unexpected events, several hypotheses concerning unexpected events and correlations are verified. Other related topics that have been researched are also briefly mentioned. Finally the findings are contemplated in a larger context based upon which the conclusions are presented.