Chances and Risks in Construction Management and Economics
Chances and Risks in Construction Management and Economics:
A Systemic Approach to Dealing with Models and Uncertainties
English | 2021 | ISBN: 3030640132 | 722 Pages | PDF | 43 MB
A Systemic Approach to Dealing with Models and Uncertainties
English | 2021 | ISBN: 3030640132 | 722 Pages | PDF | 43 MB
The book outlines the processes of calculating and critically reviewing construction costs and times for clients and contractors in different project phases. Any project or structural analysis should yield accurate information on times, costs, and prices. The related database is more or less uncertain depending on project complexity and the circumstances of work performance. It is thus recommended to use ranges of key input parameters. This approach consistently considers uncertainties within a holistic project view, thus enhancing the plausibility and validity of specific values. Only the integration of probabilistic methods will allow for calculating and graphically representing the chance/risk ratio as a crucial project variable ultimately influencing the entire business.