Cost estimation has many challenges. One of these challenges is uncertainty and its impact on risk. This challenge is compounded by the complexity of a project. This presentation looks at the current challenges in cost estimation, with a focus on risk, and identifies some possible solutions.
It then uses the example of the development of a port and marina in Christchurch, New Zealand and the process of design and construction estimation that was used. It discusses the complex interactions between land, sea, infrastructure, stakeholders and port operations. The presentation will talk through the cost estimation process applied to this project and the learning made.
The presentation concludes with key findings and learning’s to be applied to future projects.