What do you think are the major challenges that may hinder its wide implementation in the construction industry?

This assignment aims at introducing you to a technique that was not addressed so far in this class: Risk‐ Based Cost Estimating.

Through this assignment, you are required to research “Risk‐Based Cost Estimating” and address the following points:

 What is Risk‐Based Cost Estimating? Explain the general process. (3 points)

 How is it or could it be related to the construction schedule development? (4 points)

 What are the pros and cons of employing it on construction projects? (10 points)

 Refer to a case construction project example that have implemented risk‐based estimating or an agency that’s implementing it:

o Describe the process they utilized. (6 points)

o Why do you think it was implemented it? (4 points)

o What were the specific benefits realized by using such a technique for this project/agency (4

points)

 What do you think are the major challenges that may hinder its wide implementation in the

construction industry? (5 points)

You will need to properly reference your sources (at least 5).

Use credible sources of information such as journal/conference publications or state DOTs’ websites/reports. You will need to properly reference your sources using APA format, i.e., you will need to have in text citation and a references list. The paper should not be less than 2 pages and not more than 4 pages (single spaced). Presentation is worth 4 points.