Practical Analysis and Response for Risks Using Monte Carlo Simulation on Construction Manufacturing

Abstract

This paper discussed a real project supporting the management of project risk. The model distinguishes between risks which have to be enhanced and risks which can be mitigated or accepted at some cost so that the customer requirements with respect to project completion time can be satisfied at a minimal cost. The model is based on risk management analysis proses and using a Monte Carlo simulation and in order to discover the probability to closure project within the expected date plan. The model is illustrated by means of a real-world case concerning a part of real state residential project construction located in the Republic of Iraq.