🎲 Monte Carlo Simulation in Construction: Predict the Unpredictable
Construction projects are full of uncertainties cost fluctuations, material delays, resource bottlenecks. Monte Carlo simulation helps you plan with confidence, not guesswork.
🔍 What Is It?
It’s a risk modeling technique that runs thousands of random scenarios to predict possible outcomes from costs to timelines.
🏗 Why Use It in Construction?
• Estimate realistic project completion dates
• Predict probability of cost overruns
• Identify high-risk tasks with real data
🛠 Key Inputs:
• Task durations (min, most likely, max)
• Cost estimates with variability
• Resource constraints
📈 What You Get:
• Probability curves for project delivery
• Insights into the likelihood of delays or budget breaches
• Better contingency planning
⚖️ The Catch?
You need good data, statistical insight, and simulation software but the payoff is smarter, risk-aware planning.
🎯 Real-World Use Cases:
Infrastructure megaprojects, high-rise scheduling, PPP project bids, and anywhere uncertainty is a factor.
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