In Lecture 3, we discussed Project Cost Estimation and Capital Portfolio planning. I would like you to establish a discussion thread on either of the following topics. Use examples to drive your point home.
Project Cost Estimation
Accurate project cost estimation is critical to project success, yet it is often undermined by uncertainty, incomplete information, and risk. While traditional estimation techniques (analogous, parametric, SME, 3-Point) provide a baseline, they do not fully capture the impact of risk events on project cost performance.
How should project risk influence the way cost estimates are developed and communicated? What can project leaders do to promote more realistic, risk-aware estimates?
Capital Portfolio planning
Construction organizations rarely execute projects in isolation. Instead, they manage portfolios of capital projects competing for limited financial, human, and organizational resources. These portfolio decisions are often made under significant uncertainty related to market conditions, regulatory environments, technology, and execution risk.
How should risk influence capital portfolio planning in construction? What role does governance play in managing risk across a construction capital portfolio?
Requirements: 400 words
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