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A platform for research: civil engineering, architecture and urbanism
Time and cost contingency management using Monte Carlo simulation
In the practice of project management, cost contingency is a widely used application to counteract adverse uncertainty and risk which result in cost increase. Cost contingency is an important component in the end to end life cycle of a project. Time should also hold an equal importance as cost. In this paper, the Monte Carlo simulation approach is recommended as part of a proposed methodology for both time and cost contingency management. Individual components are assigned a time and cost contingency budget in both days and dollars, which have some grade of uncertainty regarding their completion time and future costs.
Time and cost contingency management using Monte Carlo simulation
In the practice of project management, cost contingency is a widely used application to counteract adverse uncertainty and risk which result in cost increase. Cost contingency is an important component in the end to end life cycle of a project. Time should also hold an equal importance as cost. In this paper, the Monte Carlo simulation approach is recommended as part of a proposed methodology for both time and cost contingency management. Individual components are assigned a time and cost contingency budget in both days and dollars, which have some grade of uncertainty regarding their completion time and future costs.
Time and cost contingency management using Monte Carlo simulation
Traynor, Bradd A. (author) / Mahmoodian, Mojtaba (author)
Australian Journal of Civil Engineering ; 17 ; 11-18
2019-01-02
8 pages
Article (Journal)
Electronic Resource
English
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