Uncertainty Analysis – 5 Challenges with Today's Practice

As pointed out by Venkataraman and Pinto (2010), the importance of estimating project costs arises as the estimates become the benchmarks of which future costs are compared and evaluated. Although estimates become more accurate as decisions are made and uncertainties resolved, they are also chief means for assessing project feasibility, as a comparison of cost estimates with estimates of revenues and other benefits that are crucial in...