Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
9663744 | European Journal of Operational Research | 2005 | 7 Pages |
Abstract
Managers recognize the presence of uncertainty in the estimates of the various parameters of their projects, but usually circumvent the required analysis (which can be demanding) by replacing the random variables by their averages. This paper argues against such practice. It demonstrates that gross errors can be committed in cost estimates and in the bids based on them.
Keywords
Related Topics
Physical Sciences and Engineering
Computer Science
Computer Science (General)
Authors
Salah E. Elmaghraby,