Cost contingency is widely employed to address project risks. This systematic literature review aims to develop a framework for understanding risks in project cost contingency estimation.
A systematic literature review of 859 abstracts and 67 full articles was conducted using a framework synthesis method.
The study establishes a six-element risk framework for project cost contingency estimation, encompassing event, consequence, uncertainty, probability, knowledge, and mitigation. Twelve risk dimensions in the project cost contingency estimation are further developed.
This study contributes to the project management literature by constructing a framework for understanding risks in project cost contingency estimation. This framework provides guidance for enhancing the accuracy of project cost contingency estimation.
