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Managing Contingency and Budget to Complete

  • Ivan Damnjanovic
  • Kenneth Reinschmidt
Chapter
Part of the Risk, Systems and Decisions book series (RSD)

Abstract

In this chapter we discuss methods for updating and managing project contingency as the outcomes work packages become known. More specifically we provide bivariate and multivariate formulation with a number of examples to illustrate different situations in which the presented methods can be implemented.

Keywords

Budget to complete Contingency Correlation Bayesian update 

References

  1. Gelman A, Carlin J, Stern H, Dunson D, Vehtari A, Rubin D (2013) Bayesian data analysis. Chapman and Hall/CRC, New YorkzbMATHGoogle Scholar
  2. Hald A (1952) Statistical theory with engineering applications. Wiley, New YorkzbMATHGoogle Scholar
  3. Jorion P (2001) Value at risk: the new benchmark for managing financial risk, 2nd edn. McGraw-Hill, New YorkGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Ivan Damnjanovic
    • 1
  • Kenneth Reinschmidt
    • 2
  1. 1.Texas A&M UniversityCollege StationUSA
  2. 2.College StationUSA

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