Optimization of construction projects budget minimizing risks using the Monte Carlo method
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Issue Date
2020-09-30
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2020 Congreso Internacional de Innovacion y Tendencias en Ingenieria, CONIITI 2020 - Conference ProceedingsDOI
10.1109/CONIITI51147.2020.9240241Additional Links
https://ieeexplore.ieee.org/document/9240241Abstract
Currently, it is common for the risks in construction projects to generate significant budgetary deviations due to their null or insufficient identification and quantification. In relation to this point, and with the focus on improving the competitiveness of construction companies when developing and complying with their budgets, it is essential to have an accurate methodology for estimating the contingency associated with risks from an early stage. This allows the contingency amount not to be exceeded, resulting in better reliability and adjustment of the budget assigned for the project, and therefore guaranteeing the expected profitability. This objective can be achieved using applications such as the Monte Carlo method, since through the probabilistic simulations that can be developed through it, it is possible to precisely establish the value of the contingency associated with project risks in study. It is recommended to carry out these evaluations and analyzes before the project starts. In this sense, this research focuses on establishing a sequential methodology that serves as an application tool for any type of construction project, ensuring the optimization of the budget by minimizing the risks associated with the project.Type
info:eu-repo/semantics/articleRights
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engDescription
El texto completo de este trabajo no está disponible en el Repositorio Académico UPC por restricciones de la casa editorial donde ha sido publicado.ae974a485f413a2113503eed53cd6c53
10.1109/CONIITI51147.2020.9240241
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