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Estimation and evaluation of uncertainty: a minimalist first pass approach

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), pp. 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

Catalogue record

Date deposited: 27 Jul 2006
Last modified: 17 Jul 2017 15:47

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Contributors

Author: Stephen C. Ward

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