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Estimation and evaluation of uncertainty: a minimalist first pass approach

Estimation and evaluation of uncertainty: a minimalist first pass approach
Estimation and evaluation of uncertainty: a minimalist first pass approach
This paper describes an approach to the estimation and evaluation of uncertainty designed for ease of use. It is designed to be easier to use than probability impact grid based approaches, and it links qualitative approaches in this format to quantitative approaches. It is based on a general view of uncertainty which incorporates ambiguity as well as variability and lack of data. A concern for identifying sources of uncertainty is one characteristic of the approach which flows from this perspective. Other characteristics include deliberate conservative bias to counteract persistent underestimation of uncertainty. It is set in the context of an iterative approach to an overall uncertainty management process. The example used to illustrate the approach involves project duration and cost estimation for bidding purposes.
risk management, uncertainty management, opportunity management, competitive bidding, estimation and evaluation of uncertainty
0263-7863
369-383
Chapman, Chris B.
a4f4805b-b67d-4c4c-856b-78e01a2c89a0
Ward, Stephen C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd
Chapman, Chris B.
a4f4805b-b67d-4c4c-856b-78e01a2c89a0
Ward, Stephen C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd

Chapman, Chris B. and Ward, Stephen C. (2000) Estimation and evaluation of uncertainty: a minimalist first pass approach. International Journal of Project Management, 18 (6), 369-383. (doi:10.1016/S0263-7863(00)00016-8).

Record type: Article

Abstract

This paper describes an approach to the estimation and evaluation of uncertainty designed for ease of use. It is designed to be easier to use than probability impact grid based approaches, and it links qualitative approaches in this format to quantitative approaches. It is based on a general view of uncertainty which incorporates ambiguity as well as variability and lack of data. A concern for identifying sources of uncertainty is one characteristic of the approach which flows from this perspective. Other characteristics include deliberate conservative bias to counteract persistent underestimation of uncertainty. It is set in the context of an iterative approach to an overall uncertainty management process. The example used to illustrate the approach involves project duration and cost estimation for bidding purposes.

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More information

Published date: 2000
Keywords: risk management, uncertainty management, opportunity management, competitive bidding, estimation and evaluation of uncertainty

Identifiers

Local EPrints ID: 35682
URI: http://eprints.soton.ac.uk/id/eprint/35682
ISSN: 0263-7863
PURE UUID: 11999a8d-ba29-478b-9aae-5cb838f82c42

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Date deposited: 27 Jul 2006
Last modified: 15 Mar 2024 07:53

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Author: Stephen C. Ward

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