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Research Article

REFERENCE CLASS FORECASTING IN ICELANDIC TRANSPORT INFRASTRUCTURE PROJECTS

, respectively. A step-wise procedure to avoid planning fallacies and strategic misrepresentation is called the outside view. The outside view bypasses human biases by using past experience and empirical data from past projects. It has evolved into a professional practice through a method called reference class forecasting which has been shown to provide improved cost forecasting accuracy in the initial stage of a project. The study reported in this paper examined reference class

Thordur Vikingur FRIDGEIRSSON

Transport Problems , ISSUE 2, 103–115

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