What are some effective case studies in cost estimation?

What are some effective case studies in cost estimation?

There are several notable case studies in cost estimation, such as the construction of the Sydney Opera House and the Boston Big Dig. Would you like details on a specific one?

Yes, tell me about the Boston Big Dig.

The Boston Big Dig was a massive infrastructure project that aimed to reroute the Central Artery. It faced significant cost overruns, initially estimated at $2.6 billion but ultimately costing over $15 billion. It serves as a critical case study in cost estimation challenges.

What were the main reasons for the cost overruns?

The main reasons included design changes, unforeseen site conditions, and project mismanagement. These factors contributed to the complexity and increased costs.

How can these lessons be applied to future projects?

Future projects can benefit from thorough initial assessments, better risk management, and continuous stakeholder communication to avoid similar pitfalls.