On the change of cost risk and uncertainty throughout the life cycle of manufacturing products

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dc.contributor.authorSchwabe, Oliver
dc.contributor.authorErkoyuncu, John Ahmet
dc.contributor.authorShehab, Essam
dc.date.accessioned2020-07-24T14:56:28Z
dc.date.available2020-07-24T14:56:28Z
dc.date.issued2020-02-18
dc.description.abstractIn practice cost estimators typically assume that cost risk and uncertainty continuously decrease across the whole product life cycle. Industry case studies and semi-structured interviews indicate that while cost risk and uncertainty decreases between technology readiness levels / stage gates, it increases when technology readiness levels / stage gates change. This increase can lead to cost risk and uncertainty levels above those at previous technology readiness levels / stage gates. This difference between assumptions in practice and evidence from case studies and semi-structured interviews may lead to the over- and / or under-assignment of capital reserves over time, thus resulting in binding project capital unnecessarily and / or the need to increase projects budgets in an unplanned manner. Further research is suggested regarding the scale of changes in cost risk and uncertainty when technology readiness level changes / stage gates are arrived at in order to improve robustness of forecasting effortsen_UK
dc.identifier.citationSchwabe O, Erkoyuncu JA, Shehab E. (2019) On the change of cost risk and uncertainty throughout the life cycle of manufacturing products. Procedia CIRP, Volume 86, 2019, pp. 239-244
dc.identifier.issn2212-8271
dc.identifier.urihttps://doi.org/10.1016/j.procir.2020.01.004
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/15594
dc.language.isoenen_UK
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectFinancial Contingencyen_UK
dc.subjectCost Risk and Uncertaintyen_UK
dc.subjectDynamic Propagationen_UK
dc.titleOn the change of cost risk and uncertainty throughout the life cycle of manufacturing productsen_UK
dc.typeArticleen_UK

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