A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Research on Life-Cycle Cost of Bridge Based on the Method of Monte Carlo Simulation
With the advance of technology, there are many ways to build a building. In the early stage of construction project, forecasting the cost to select the optimal scheme is an important step. Past projections of cost have focused only on its number. However, we not only need to study the value of cost, but also study the probability of expenses. This problem could be solved scientifically by Monte Carlo, which is a method of calculating and simulating by the statistical law of random numbers. This paper selects a bridge for empirical research. The mathematical model is constructed based on the net present value of the total life cycle cost. By the method of Monte Carlo, predicting the total life cycle cost of reinforced concrete and steel structure, gaining the probability distribution of the net present value of the cost of each scheme, then choosing the best option. This method takes the uncertainty of all costs into consideration. It provides scientific method and theoretical basis for decision making.
Research on Life-Cycle Cost of Bridge Based on the Method of Monte Carlo Simulation
With the advance of technology, there are many ways to build a building. In the early stage of construction project, forecasting the cost to select the optimal scheme is an important step. Past projections of cost have focused only on its number. However, we not only need to study the value of cost, but also study the probability of expenses. This problem could be solved scientifically by Monte Carlo, which is a method of calculating and simulating by the statistical law of random numbers. This paper selects a bridge for empirical research. The mathematical model is constructed based on the net present value of the total life cycle cost. By the method of Monte Carlo, predicting the total life cycle cost of reinforced concrete and steel structure, gaining the probability distribution of the net present value of the cost of each scheme, then choosing the best option. This method takes the uncertainty of all costs into consideration. It provides scientific method and theoretical basis for decision making.
Research on Life-Cycle Cost of Bridge Based on the Method of Monte Carlo Simulation
Shang, Hang (author) / Sun, Lixin (author)
International Conference on Construction and Real Estate Management 2018 ; 2018 ; Charleston, South Carolina
ICCREM 2018 ; 41-45
2018-08-08
Conference paper
Electronic Resource
English
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