Expected Error Margins
A common feature of "fudge factors" in science is their arbitrariness, and their retrospective nature.
However, in project management it's common to build a certain error margin into the predicted "resource cost" of a project to make predictions more realistic: there are many unforeseen factors that may delay a project or make it more costly, but very few factors that could result in it being delivered before time or under the calculated budget ... so to some degree, "unexpected" overruns are to be expected, even if their precise nature can't be predicted in advance. Experienced planners may know that a certain type of project will tend to overrun by a certain percentage of its calculated resource requirements, and may multiply the "ideal" calculations by a safety margin to produce a more realistic estimate, and this margin may sometimes be referred to as a fudge factor. However, when planning ahead for expected unpredictabilities, these "error margins" are usually assigned other, more specific names : for instance in warehouse stock control, where a certain amount of stock is expected to disappear naturally through damage, pilfering or other unexplained problems, the discrepancy is referred to as shrinkage.
In engineering, a "fudge factor" may be introduced to allow a margin of error in unknown quantities.
Read more about this topic: Fudge Factor
Famous quotes containing the words expected, error and/or margins:
“For me chemistry represented an indefinite cloud of future potentialities which enveloped my life to come in black volutes torn by fiery flashes, like those which had hidden Mount Sinai. Like Moses, from that cloud I expected my law, the principle of order in me, around me, and in the world.... I would watch the buds swell in spring, the mica glint in the granite, my own hands, and I would say to myself: “I will understand this, too, I will understand everything.””
—Primo Levi (1919–1987)
“Error is to truth as sleep is to waking. I have observed that one turns, as if refreshed, from error back to truth.”
—Johann Wolfgang Von Goethe (1749–1832)
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—J.G. (James Graham)