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Monte Carlo simulation for schedule risks

41 citations0/0 files storedInternational Conference on Machine Learning and Cybernetics

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Construction Project Management and Performance Capital Investment and Risk Analysis Resource-Constrained Project Scheduling

Abstract

Research was undertaken to assist practitioners in undertaking Monte Carlo simulation of project schedules. A probabilistic model was developed to translate project characteristics into schedule risk boundaries. This model has been tested in several projects and performed very well. Lessons learned during the application of Monte Carlo simulation to a large project are discussed.

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References

1996Construction delays in a fast-growing economy: Comparing Thailand with other economies 1997Project Characteristics for Successful Public-Sector Design-Build 1988Causes of High Costs of Construction in Nigeria 1978Construction Project Administration 1995Quantitative Effects of Construction Changes on Labor Productivity 1998Factors of Non-Excusable Delays That Influence Contractors' Performance 1992Statistical Properties of Construction Duration Data 2003Evaluating Risk in Construction–Schedule Model (ERIC–S): Construction Schedule Risk Model

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2018From project risk to complexity analysis: a systematic classification 2009Monte Carlo Simulation Approach to Support Alliance Team Selection 2007Simulation Methods 2019Schedule Risk Analysis using a Proposed Modified Variance and Mean of the Original Program Evaluation and Review Technique Model

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