vault backup: 2025-12-18 17:14:55

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@@ -75,19 +75,6 @@ in order to gain access to perfect information.
The perceived _value_ of decreased uncertainty
must be weighed against its _cost_.
#### In Construction Estimating
This concept provides the basis for the solution
of one or more [[open-problems-in-estimating]].
To reduce [[risk]] in [[construction-estimating]],
an organization pays in estimator hours.
These hours have a direct cost in salary and benefits,
however the greater cost is the opportunity cost
of tying up an estimator who could otherwise be starting a new project.
In many cases, the utility of doubled throughput
far outweighs the increased risk of individual bids.
## Types of Uncertainty
### Aleatory Uncertainty