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
Date Written: February 18, 2020
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.
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