A PC-Based Stochastic Project Scheduling and Costing Moduleby Kamalain K. Sha'ath, An-Najah Nat Univ, Nablus, Israel,
Gurdev Singh, An-Najah Nat Univ, Nablus, Israel,
Abstract: Project delays and cost overruns are very common in construction industry. This may be back-traced significantly to non or ill treatment of uncertainties that overwhelm construction projects. Monte Carlo simulation technique has been well known for its efficient handling of risk, but it has generally been considered to be expensive and time consuming. Recent advancement in computer technology has changed the situation. This paper presents a module combining the Monte Carlo technique with the critical path method (CPM). The module has been developed utilizing the basic computer facilities and runs under the popular Windows environment. The module places an efficient and sophisticated technique at the disposal of managers. The module concepts, structure and implementation are given together with a few output results of an example project. The paper includes discussion of the relevant main ideas followed by main conclusions.
Subject Headings: Construction costs | Critical path method | Scheduling | Stochastic processes | Computers | Risk management | Monte Carlo method | Computer aided operations | Europe | Monaco | Monte Carlo
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