CPSP 134 Update of Mathematical and Statistical Distributions Modelling of Estimates

Highways projects are highly complex and are delivered in a dynamic environment that is constantly exposed to different risks and uncertainties that need to be understood by the various stakeholders involved. There are a plethora of risks and uncertainty due to which the actual cost exceeds the budgeted / estimated amount. If the RIS funding is less than the actual cost of the RIS, Highways England are either unable to meet their efficiency targets or have to borrow more from the government. This results in loss of...