Optimism Bias

How to approach cost management in civil engineering with new pragmatic method.

Purpose of cost management In light of these issues, the purpose of this study was to shed light on the present costing practice and CW in the UK construction industry in order to build a framework that would guide stakeholders in cooperatively cost management projects. Adopting a qualitative study design technique, data from the UK’s…

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LEADER APPROACH (L.E.A.D.E.R)

Leadership Approach in Civil Engineering Project Management To well manage construction projects, it is essential to have information on modern management and develop a clear understanding of the construction and Leadership Approach. Construction projects have a particular set of targets and limitations, for example, an expected period for fulfilment. While the institutional courses of action…

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Rehabilitation of abandoned railways challenges from the civil engineering point of view, cost pressure as estimation of the costs, risks associated, and their opportunities in UK

Abandoned Railway Tracks These are the railway tracks that have not been in usage for a long time due to certain reasons, we can say these abandoned railways are disused railway tracks or closed railway tracks due to their not being used for long time. Challenges Behind Rehabilitation of abandoned railways w.r.t civil engineering in…

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Use, abuse, and misuse of optimism bias in civil engineering, how to avoid it.

Estimate, Estimation, Civil Engineering, Cost Management, Whole Life Cycle Costing, Optimism Bias Optimism bias Optimism bias is the inclination of people to anticipate better compared to average results from their activities. Basically, Optimism bias in construction projects is the inclination, unknowingly or intentionally, to exaggerate anticipated advantages and minimize the degree of intricacy of the…

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Why cost management, and estimation, is really important in the gig era?

Nowadays everything is at a click distance; you can buy a car and get it delivered to your home. This happened before the pandemic, so gig economy was even before COVID-19 a new way to do business with Price Management. Gig era Now you go on a freelancing platform, you can buy services from anywhere…

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In-house vs Consultancy: Is there a best approach?

There is a constant need for expertise within infrastructure development. It can the driving force between a fledgling idea and successful implementation. Often, an organization can tap into it’s existing staff, utilizing their In house vs Consultancy knowledge and understanding of the business, calling upon their prior expertise in order to see a project through…

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