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Cited by 37Construction Project Management and PerformanceCapital Investment and Risk AnalysisResource-Constrained Project Scheduling

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Time and cost contingency management using Monte Carlo simulation

Traynor, Bradd A., Mahmoodian, Mojtaba·2019·Australian Journal of Civil Engineering
DOI 10.1080/14488353.2019.1606499
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Abstract

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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Crossref · 10.1080/14488353.2019.1606499

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Research works printed but not linked: 5

  1. 10.1016/j.ijproman.2005.11.010 · DOI
  2. 10.1061/(ASCE)0742-597X(2007)23:3(140) · DOI
  3. Günham S., 2007, Journal of Management in Engineering, 6, 492
  4. 10.1061/(ASCE)ME.1943-5479.0000447 · DOI
  5. 10.1061/(ASCE)CO.1943-7862.0000293 · DOI

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Metadata

Authors
Traynor, B. A., & Mahmoodian, M.
Affiliations
RMIT University (AU)
Corresponding author
Mahmoodian, Mojtaba
ORCID
Mahmoodian, Mojtaba
Venue
Australian Journal of Civil Engineering
Publisher
Informa UK Limited
Published
2019-01-02
Volume
17
Issue
1
Pages
11-18
ISSN
  • 1448-8353 (ISSN-L)
  • 2204-2245
DOI
10.1080/14488353.2019.1606499
OpenAlex
W2943719636
Cited by
37
References
0
Citations by year
2026: 4 · 2025: 4 · 2024: 5 · 2023: 6 · 2022: 9 · 2021: 4 · 2020: 5
FWCI
3.07
Type
journal article
Language
en
Open access
closed
Locations
  • Australian Journal of Civil Engineering (publishedVersion)
  • RMIT Research Repository (RMIT University Library) (submittedVersion)
  • Figshare (submittedVersion)
Topics
  • Social Sciences › Decision Sciences › Management Science and Operations Research › Construction Project Management and Performance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Capital Investment and Risk Analysis
  • Social Sciences › Decision Sciences › Management Science and Operations Research › Resource-Constrained Project Scheduling
Keywords
cost contingency, project risk management, uncertainty, project scheduling, project cost estimation, Monte Carlo simulation

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