Analysis of modern construction projects using montecarlo simulation technique

 
 
 
  • Abstract
  • Keywords
  • References
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  • Abstract


    Today, Construction based Industry is the prospering industry which has a high economical influence on any nation. Delay in the huge construction project increases the total project cost. Henceforth, uncertainties as well as risks must be significantly regarded during the project. For organizing and completing the projects in a financially, timely and qualitatively accountable manner, careful scheduling of projects is compulsory. Effectual scheduling of project assures project success. This study concentrates on qualitative analysis, risk identification, together with quantitative analysis. The targets are i) to ascertain the key risk aspects that disturb the project schedule, and ii) to find the probability of finishing the project within specified time. Questionnaires are distributed amongst 20 industry practitioners with disparate experience from [1] to [25] years.  Quantitative analysis is made by the methods like Monte Carlo simulation (MCS) and PERT. @RISK by Palisade corp. is utilized for MCS.


  • Keywords


    Monte Carlo Simulation; PERT; Qualitative and Quantitative Analysis; Risk Identification

  • References


      [1] Ganame P & Chaudhari P "Construction building schedule risk analysis using Monte-Carlo simulation", International Research Journal of Engineering and Technologi, Vol. 2 (2015), pp. 1402-1406.

      [2] Nemuth IT "Practical use of Monte Carlo simulation for risk management within the international construction industry", In Proceedings of the 6th International Probabilistic Workshop, Darmstadt. (2008).

      [3] Valderrama FG & Guadalupe R "Monte Carlo method applied to comparison of tenders in construction projects", 17th International Congress on Project Management and Engineering Logroño 17-19th (2013).

      [4] Peleskei, CA Dorca V, Munteanu RA & Munteanu R "Risk Consideration and Cost Estimation in Construction Projects Using Monte Carlo Simulation" Management knowledge and learning, Vol. 10, No. 2, (2015), pp. 163-176.

      [5] Rajgor M, Paresh C, Dhruv P & Chirag P, Dhrmesh B “RII & IMPI: Effective Techniques For Finding Delay In Construction Project”, International Research Journal of Engineering and Technology, Vol. 3, No. 1, (2016), pp. 1173-1177.


 

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Article ID: 14535
 
DOI: 10.14419/ijet.v7i2.19.14535




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