Recently construction industry involves more risks occurred with increasing in size and complexity of construction projects. Risk has been recognized as one of the most serious problems through the construction performance control. Successful performa...
Recently construction industry involves more risks occurred with increasing in size and complexity of construction projects. Risk has been recognized as one of the most serious problems through the construction performance control. Successful performance of construction project depends on managing and estimating of exact construction cost, but most of contractors have failed to systematically identify and evaluate the effect of internal and external risk elements related with construction projects. Also they don't have any methods or procedures to quantify the impact of risk on project time and cost. Therefore this study suggests a contingency estimating model to quantify the risks by using influence diagram, decision tree, and Monte Carlo simulation. The adequacy of proposed model are verified through case study.