Project-Specific Cost Escalation Modeling: Crafting a Stochastic Tool for Predicting escalation: Modeling escalation

Gaining insights into anticipated future expenses is essential for both the planning and construction phases of a project. A significant factor in future costs, particularly over extended periods, is the variability of material and labor prices. the change in costs over time, known as ’cost escalation,’ has been the focus of numerous research...

Feasibility of the Polders: When can the Dutch polderconcept become economically unviable?

Adequate flood protection is important to many countries, but especially so to the Netherlands. With a large share of its population centers located below sea level, in so-called polders, the need for flood protection systems quickly becomes apparent. This need is even more pressing with the rise of sea levels and the increase in river discharge...

MitC: Open-source software for construction project control and delay mitigation

Changes in a construction project schedule can impact the project's planned duration, resulting in penalties. A manual trial-and-error probabilistic approach is usually conducted to find an appropriate set of corrective measures to mitigate delays of the overall project. However, this approach does not capture the actual goal-oriented...

Mitigation Controller: Adaptive Simulation Approach for Planning Control Measures in Large Construction Projects

Probabilistic Monte Carlo simulations are often used to determine a project's completion time given a required probability level. During project execution, schedule changes negatively affect the probability of meeting the project's completion time. A manual trial and error approach is then conducted to find a set of mitigation measures to...

A comparison of risk analysis approaches: Performance assessment of cost and time estimating on a real project

Risk management is undoubtedly a precious component of the overall project management field. It assists in identifying, assessing and mitigating the uncertainties that are present in a project. These uncertainties affect important measures of a project, of which cost and schedule are the most prominent, and consequently put project success under...

Integration of Genetic Algorithm and Monte Carlo Simulation for System Design and Cost Allocation Optimization in Complex Network

Complex networks play a vital role in reliability analysis of real-world applications, demanding for precise and accurate analysis methods for optimal allocations of cost and reliability. Since the configuration of a system may change with every feasible solution of cost allocation optimization equation, finding the best arrangement of the...

Optimism bias evaluation and decision-making risk forecast on bridge project cost based on reference class forecasting: Evidence from China

The high uncertainty of megaproject results in increasing complexity in the decisionmaking and ultimately leads to different degrees of cost overrun and project delays. One of the critical reasons for cost overrun and delay is the optimism bias of decision makers. Although the previous literature has analyzed the cost overrun distribution of...

A Tool for Estimating Marine Terminal Dimensions and Costs in a Project’s Feasibility Phase: Taking into account uncertainties

The main objective of this study is the realisation of a computer tool. The function of the tool is to estimate the required dimensions and quantities of essential container, dry and liquid bulk terminal elements, in an early design phase. As well as to give an estimate of the construction costs of these marine terminals. Terminal element...