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Cost Overrun
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically. Cost overrun is distinguished from cost escalation, which is an ''anticipated'' growth in a budgeted cost due to factors such as inflation. Causes Recent works by Ahi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Cost
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ..., cost is a metric that is totaling up as a result of a process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Escalation Of Commitment
Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continue the behavior instead of altering course. The actor maintains behaviors that are irrational, but align with previous decisions and actions. Economists and behavioral scientists use a related term, ''sunk-cost fallacy'', to describe the justification of increased investment of money or effort in a decision, based on the cumulative prior investment (" sunk cost") despite new evidence suggesting that the future cost of continuing the behavior outweighs the expected benefit. In sociology, ''irrational escalation of commitment'' or ''commitment bias'' describe similar behaviors. The phenomenon and the sentiment underlying them are reflected in such proverbial images as "throwing good money after bad", or "In for a penny, in for a pound", or "It's never the wrong time to make the right decision", or "I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Elbe Philharmonic Hall
The Elbphilharmonie (; "Elbe Philharmonic Hall"), popularly nicknamed Elphi, is a concert hall in the HafenCity quarter of Hamburg, Germany, on the Grasbrook peninsula of the Elbe River. The new construction resembles a hoisted sail, water wave, iceberg or quartz crystal resting on top of an old brick warehouse (, built in 1963) near the historical Speicherstadt. The project is the result of a private initiative by the architect and real estate developer Alexander Gérard and his wife Jana Marko, an art historian, who commissioned the original design by the Swiss architecture firm Herzog & de Meuron, who developed and promoted the project (since 2003 in cooperation with the Hamburg-based real estate developer and investor Dieter Becken) for 3.5 years until the City of Hamburg decided to develop the project by itself. It is the key project of the new Hafencity development and the tallest inhabited building in Hamburg, with a final height of . The Elbphilharmonie was officially ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
