Open AccessAnalysis of modern construction projects using montecarlo simulation technique
Author(s) -
A. M. Arunmohan,
M. Prasanna Lakshmi
Publication year - 2018
Publication title -
international journal of engineering and technology
Language(s) - English
Resource type - Journals
ISSN - 2227-524X
DOI - 10.14419/ijet.v7i2.19.14535
Subject(s) - schedule , project management , computer science , project finance , identification (biology) , scheduling (production processes) , cost overrun , operations research , construction industry , monte carlo method , risk analysis (engineering) , engineering , operations management , business , construction engineering , systems engineering , finance , mathematics , botany , statistics , biology , operating system
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.