Title :
Study on Approach of Cost Risk Assessment in Bidding Phase
Author :
Wang Jian ; Guan Songjun ; Lin Dong-qing
Author_Institution :
China Pet. Eng. & Constr. Crop., Beijing, China
Abstract :
An approach was proposed, which was applied Monte Carlo Simulation and risk analysis tool to assess cost risk in bidding phase, called CRA-MC. Last it was illustrated by simple camp-site construction example to show the benefits of this approach.
Keywords :
Monte Carlo methods; commerce; construction; costing; risk analysis; CRA-MC; Monte Carlo simulation; bidding phase; camp-site construction; cost risk assessment; risk analysis tool; Construction industry; Correlation; Materials; Monte Carlo methods; Probability distribution; Project management; Risk analysis;
Conference_Titel :
Internet Technology and Applications, 2010 International Conference on
Conference_Location :
Wuhan
Print_ISBN :
978-1-4244-5142-5
Electronic_ISBN :
978-1-4244-5143-2
DOI :
10.1109/ITAPP.2010.5566118
