310
Views
43
CrossRef citations to date
0
Altmetric
Original Articles

Monte Carlo simulation of construction costs using subjective data

Pages 369-383 | Published online: 28 Jul 2006

Keep up to date with the latest research on this topic with citation updates for this article.

Read on this site (12)

Yuting Sun & David G. Carmichael. (2018) Uncertainties related to financial variables within infrastructure life cycle costing: a literature review. Structure and Infrastructure Engineering 14:9, pages 1233-1243.
Read now
Önder Ökmen & Ahmet Öztaş. (2010) Construction cost analysis under uncertainty with correlated cost risk analysis model. Construction Management and Economics 28:2, pages 203-212.
Read now
I‐Tung Yang. (2006) Using Gaussian copula to simulate repetitive projects. Construction Management and Economics 24:9, pages 901-909.
Read now
C. Y. Yiu & C. S. Tam. (2006) Rational under‐pricing in bidding strategy: a real options model. Construction Management and Economics 24:5, pages 475-484.
Read now
FrancisK. Adams. (2006) Expert elicitation and Bayesian analysis of construction contract risks: an investigation. Construction Management and Economics 24:1, pages 81-96.
Read now
Malik Ranasinghe. (2000) Impact of correlation and induced correlation on the estimation of project cost of buildings. Construction Management and Economics 18:4, pages 395-406.
Read now
CHAU KWONG WING. (1999) On the issue of plan shape complexity: plan shape indices revisited. Construction Management and Economics 17:4, pages 473-482.
Read now
Jingsheng Shi & Simaan Abourizk. (1998) Continuous and combined event-process models for simulating pipeline construction. Construction Management and Economics 16:4, pages 489-498.
Read now
Peter J. Edwards & Paul A. Bowen. (1998) Practices, barriers and benefits of risk management process in building services costs estimation: comment. Construction Management and Economics 16:1, pages 105-108.
Read now
David M. Wall. (1997) Distributions and correlations in Monte Carlo simulation. Construction Management and Economics 15:3, pages 241-258.
Read now
Kwong Wing Chau. (1997) Monte Carlo simulation of construction costs using subjective data: response. Construction Management and Economics 15:1, pages 109-115.
Read now
Richard Fellows. (1996) Monte Carlo simulation of construction costs using subjective data: comment. Construction Management and Economics 14:5, pages 457-460.
Read now

Articles from other publishers (31)

Byung-Cheol Kim. (2022) Multi-factor dependence modelling with specified marginals and structured association in large-scale project risk assessment. European Journal of Operational Research 296:2, pages 679-695.
Crossref
Lingzi Wu & Simaan AbouRizk. (2021) Numerical-Based Approach for Updating Simulation Input in Real Time. Journal of Computing in Civil Engineering 35:2.
Crossref
Christian Hofstadler & Markus KummerChristian Hofstadler & Markus Kummer. 2021. Chances and Risks in Construction Management and Economics. Chances and Risks in Construction Management and Economics 155 212 .
Jarosław Górecki & Manuel Díaz-Madroñero. (2020) Who Risks and Wins?—Simulated Cost Variance in Sustainable Construction Projects. Sustainability 12:8, pages 3370.
Crossref
Lingzi WuWenying JiSimaan M. AbouRizk. (2020) Bayesian Inference with Markov Chain Monte Carlo–Based Numerical Approach for Input Model Updating. Journal of Computing in Civil Engineering 34:1.
Crossref
Piotr Jaśkowski & Agata Czarnigowska. (2019) Contractor’s bid pricing strategy: a model with correlation among competitors’ prices. Open Engineering 9:1, pages 159-166.
Crossref
Chen-Yu ChangJia-Wen Ko. (2017) New Approach to Estimating the Standard Deviations of Lognormal Cost Variables in the Monte Carlo Analysis of Construction Risks. Journal of Construction Engineering and Management 143:1.
Crossref
Christian Hofstadler & Markus KummerChristian Hofstadler & Markus Kummer. 2017. Chancen- und Risikomanagement in der Bauwirtschaft. Chancen- und Risikomanagement in der Bauwirtschaft 191 248 .
Dai TranSai Bypaneni. (2016) Impact of Correlation on Cost-Risk Analysis for Construction Highway Projects. Impact of Correlation on Cost-Risk Analysis for Construction Highway Projects.
Önder Ökmen & Ahmet Öztaş. (2015) Scenario based evaluation of a cost risk model through sensitivity analysis. Engineering, Construction and Architectural Management 22:4, pages 403-423.
Crossref
Vahid Khodakarami & Abdollah Abdi. (2014) Project cost risk analysis: A Bayesian networks approach for modeling dependencies between cost items. International Journal of Project Management 32:7, pages 1233-1245.
Crossref
Bradford E. Robertson, Dimitri N. Mavris & Jeffrey V. Zweber. (2013) The Application of a Hybrid Probabilistic Method for Design Margin Estimation to the FAST Reference Flight System. The Application of a Hybrid Probabilistic Method for Design Margin Estimation to the FAST Reference Flight System.
Franco K.T. Cheung, Jonathan Rihan, Joseph Tah, David Duce & Esra Kurul. (2012) Early stage multi-level cost estimation for schematic BIM models. Automation in Construction 27, pages 67-77.
Crossref
Bradford Robertson, Dimitri Mavris & Jeffrey Zweber. (2012) Initial Formulation of a Hybrid Probabilistic Method for Design Margin Estimation for a Novel Concept. Initial Formulation of a Hybrid Probabilistic Method for Design Margin Estimation for a Novel Concept.
Jui-Sheng Chou. (2011) Cost simulation in an item-based project involving construction engineering and management. International Journal of Project Management 29:6, pages 706-717.
Crossref
Xiangbai Gu, Zhiqiang Geng, Wenxing Xu & Qunxiong Zhu. (2011) Hierarchy probability cost analysis model incorporate MAIMS principle for EPC project cost estimation. Expert Systems with Applications 38:7, pages 8087-8098.
Crossref
Duzgun Agdas, Michael T. Davidson & Ralph D. Ellis. (2011) Efficiency Comparison of Markov Chain Monte Carlo Simulation with Subset Simulation (MCMC/ss) to Standard Monte Carlo Simulation (sMC) for Extreme Event Scenarios. Efficiency Comparison of Markov Chain Monte Carlo Simulation with Subset Simulation (MCMC/ss) to Standard Monte Carlo Simulation (sMC) for Extreme Event Scenarios.
Christian Flemming, Markus Netzker & Annett Schöttle. (2011) Probabilistische Berücksichtigung von Kosten‐ und Mengenrisiken in der Angebotskalkulation. Bautechnik 88:2, pages 94-101.
Crossref
Jui-Sheng Chou, I-Tung Yang & Wai Kiong Chong. (2009) Probabilistic simulation for developing likelihood distribution of engineering project cost. Automation in Construction 18:5, pages 570-577.
Crossref
Yu-Ting Lai, Wei-Chih Wang & Han-Hsiang Wang. (2008) AHP- and simulation-based budget determination procedure for public building construction projects. Automation in Construction 17:5, pages 623-632.
Crossref
Junwen Mo, Yilin Yin & Mingxia Gao. (2008) State of the Art of Correlation-Based Models of Project Scheduling Networks. IEEE Transactions on Engineering Management 55:2, pages 349-358.
Crossref
I-Tung Yang. (2008) Distribution-Free Monte Carlo Simulation: Premise and Refinement. Journal of Construction Engineering and Management 134:5, pages 352-360.
Crossref
Ching-Hwang Wang, Wei-Hsien Lee & Yu-Chun Huang. (2007) Re: Influence of Rate Stability on Project Cost Simulation. Computer-Aided Civil and Infrastructure Engineering 23:1, pages 45-58.
Crossref
I-Tung Yang. (2007) Risk Modeling of Dependence among Project Task Durations. Computer-Aided Civil and Infrastructure Engineering 22:6, pages 419-429.
Crossref
Franco K.T. Cheung & Martin Skitmore. (2006) Application of cross validation techniques for modelling construction costs during the very early design stage. Building and Environment 41:12, pages 1973-1990.
Crossref
I.-T. Yang. (2005) Simulation-based estimation for correlated cost elements. International Journal of Project Management 23:4, pages 275-282.
Crossref
Eleanor G. Henry, Dean Crawford & Roberta M. Lipsig. 2002. Advances in Accounting Education Teaching and Curriculum Innovations. Advances in Accounting Education Teaching and Curriculum Innovations 169 188 .
Wei-Chih WangLaura A. Demsetz. (2000) Model for Evaluating Networks under Correlated Uncertainty—NETCOR. Journal of Construction Engineering and Management 126:6, pages 458-466.
Crossref
Richard Fellows & Anita M. M. Liu. (2000) Human dimensions in modelling prices of building projects. Engineering Construction and Architectural Management 7:4, pages 362-372.
Crossref
Ching-Hwang Wang & Yu-Chun Huang. (2000) A new approach to calculating project cost variance. International Journal of Project Management 18:2, pages 131-138.
Crossref
J.J. Shi, S.X. Zeng & C.M. Tam. (1998) Modeling and simulation of public housing construction in Hong Kong. Modeling and simulation of public housing construction in Hong Kong.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.