A Model of Costs Simulation using Monte Carlo Method for Road Pavement Development Projects
|Published in:||Issue 2, (Vol. 13) / 2019|
|Abstract.||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.|
|Keywords:||Impact On Costs, Simulation, Monte Carlo Method, Road Pavement Projects|
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