A Model of Costs Simulation using Monte Carlo Method for Road Pavement Development Projects
Road pavement construction projects are a complex type of project that involve a considerable amount of resources and time, which leads in many cases in a considerable increase of costs. Therefore risk and uncertainty are variables that may lead to significant changes in the budget of a project and...
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| Format: | Article |
| Language: | English |
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Stefan cel Mare University of Suceava
2019-12-01
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| Series: | Journal of Applied Computer Science & Mathematics |
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| Online Access: | https://www.jacsm.ro/view/?pid=28_1 |
| Summary: | Road pavement construction projects are a complex type of project that involve a considerable amount of resources and time, which leads in many cases in a considerable increase of costs. Therefore risk and uncertainty are variables that may lead to significant changes in the budget of a project and may even lead to failure unless these changes are taking into consideration when determining the budget. This paper aims to present a model of cost simulation using the Monte Carlo Method which takes into consideration the main road parameter that may cause failure of a project – type of road distress, the level of failure and its impact on final budget of a project. |
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| ISSN: | 2066-4273 2066-3129 |