Monte Carlo simulation of construction costs using subjective data
Chau, K.
Monte Carlo simulation of construction costs using subjective data - 1995 - Construction Management & Economics 13(5) September 1995, 369-383(15) .
Critically examines the bias in the risk analysis of construction costs arising from the assumptions of independence and triangular distribution. Various possible solutions to reduce the bias are explored.
BUILT ENVIRONMENT-BUILDING COSTS
COST MODELLING
INDEPENDENCE DISTRIBUTION
MONTE CARLO SIMULATION
RISK ANALYSIS
TRIANGULAR DISTRIBUTION
Monte Carlo simulation of construction costs using subjective data - 1995 - Construction Management & Economics 13(5) September 1995, 369-383(15) .
Critically examines the bias in the risk analysis of construction costs arising from the assumptions of independence and triangular distribution. Various possible solutions to reduce the bias are explored.
BUILT ENVIRONMENT-BUILDING COSTS
COST MODELLING
INDEPENDENCE DISTRIBUTION
MONTE CARLO SIMULATION
RISK ANALYSIS
TRIANGULAR DISTRIBUTION