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FACET suite contains a number of context models which
do not provide estimates. Rather, they perform a quite
distinct function in that they facilitate the scrutiny
of estimates either prepared earlier using models
intended for that purpose or, else, offered by another
party e.g. a contactor or a project management team.
The Contingency
Context Model aids a customer for a major project
in the task of setting the contingency, over and above
the cost being forecast (e.g. by a prime contractor),
that must be included in the budget for the project
if the risk of overrunning that budget is to be kept
acceptably small. The model does this by setting a
proposed contingency in the context of the outcomes
of past projects involving similar technological challenges
(at the contemporary states of pertinent technologies)
and of similar duration (important in itself and as
a surrogate for scale of project in relation to the
resources available).
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