Practical Approach to Cope with Construction Cost Uncertainty in an Inflationary Environment

by Diego Echeverry, (A.M.ASCE), Univ de los Andes, Santafe de Bogota D.C., Colombia,
Jorge Garcia, (M.ASCE), Univ de los Andes, Santafe de Bogota D.C., Colombia,



Document Type: Proceeding Paper

Part of: Computing in Civil Engineering

Abstract:

There are actions suggested to mitigate the risk in costs caused by an inflationary economy, such as escalation clauses and including price contingencies in the bid . This paper presents a strategy for managing cost uncertainty that is applied throughout the different project stages.

Subject Headings: Construction management | Construction costs | Uncertainty principles | Economic factors | Project management | Pricing | Mitigation and remediation

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