Journal
AUSTRALIAN JOURNAL OF CIVIL ENGINEERING
Volume 17, Issue 1, Pages 11-18Publisher
TAYLOR & FRANCIS LTD
DOI: 10.1080/14488353.2019.1606499
Keywords
Monte Carlo simulation; project management; contingency management; time contingency; cost contingency
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In the practice of project management, cost contingency is a widely used application to counteract adverse uncertainty and risk which result in cost increase. Cost contingency is an important component in the end to end life cycle of a project. Time should also hold an equal importance as cost. In this paper, the Monte Carlo simulation approach is recommended as part of a proposed methodology for both time and cost contingency management. Individual components are assigned a time and cost contingency budget in both days and dollars, which have some grade of uncertainty regarding their completion time and future costs.
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