Theory and Practice in Contingency Allocation: Characterizing Evidence From a Multiple Case Study in Sri Lanka

Chandana Jayalath and Iresha Gamage
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Chandana Jayalath: University of Vocational Technology, Sri Lanka
Iresha Gamage: University of Moratuwa, Sri Lanka

International Journal of Risk and Contingency Management (IJRCM), 2022, vol. 11, issue 1, 1-16

Abstract: Although contingency allocation management is widely accepted as a proactive concept rich in theories, its applications do not seem to be well embraced in many countries due to many factors. This study aims to broadly investigate this theory-practice gap concerning contingency allocation in building projects in Sri Lanka. Twelve case studies with a desk review on seven local projects were carried out to explore the contingency allocation practice at the site level. Fifteen independent consultants were interviewed to share an understanding of the practical relevance of this research while largely eliminating the need for further justification. Code-based content analysis was used to analyze data. Nearly 44 incremental approaches were found to have theoretically evolved in a history of 35 years. It was revealed that the practice of ascertaining contingency sums is ad-hoc, informal, and subjective. More than 25 gaps were detected, while nearly 50 strategies were introduced. An impression among the practitioners is that the formal methods are overly theoretical.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:igg:jrcm00:v:11:y:2022:i:1:p:1-16

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