Monte Carlo Simulation Applications for Construction Project Management

International Journal of Civil Engineering and Technology, 11(2), 2020, 88-100

13 Pages Posted: 16 Mar 2020

See all articles by Manoj Kumar Sharma

Manoj Kumar Sharma

Civil Engineering, IPS CTM Gwalior, RGPV University Bhopal (M.P), India

Date Written: February 18, 2020

Abstract

Risks have a crucial impact on construction comes in terms of its primary objectives. Construction comes that are tortuous in nature, uncertainty and risks within the same will develop from completely different sources. The record of the development trade isn't acceptable in terms of header up with risks incomes. Risk management may be a process which consists of identification of risks, assessment with qualitatively and quantitatively, response with an appropriate method for handling risks, then control the risks by monitoring. This study proposes to use the risk management technique which has well - documented procedures for the one stop resolution all kinds of hazards possibly to occur throughout any construction project.

Keywords: Risk, Risk Management, Construction Projects, Risk Management Process, Monte Carlo Simulation, RISK software.

Suggested Citation

Sharma, Manoj Kumar, Monte Carlo Simulation Applications for Construction Project Management (February 18, 2020). International Journal of Civil Engineering and Technology, 11(2), 2020, 88-100, Available at SSRN: https://ssrn.com/abstract=3540232

Manoj Kumar Sharma (Contact Author)

Civil Engineering, IPS CTM Gwalior, RGPV University Bhopal (M.P), India ( email )

Bhopal
India

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