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Chances and Risks in Construction Management and Economics [electronic resource] : A Systemic Approach to Dealing with Models and Uncertainties / by Christian Hofstadler, Markus Kummer.

By: Hofstadler, Christian [author.].
Contributor(s): Kummer, Markus [author.] | SpringerLink (Online service).
Material type: materialTypeLabelBookSeries: Springer Tracts in Civil Engineering: Publisher: Cham : Springer International Publishing : Imprint: Springer, 2021Edition: 1st ed. 2021.Description: XXXII, 696 p. 420 illus., 411 illus. in color. online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9783030640149.Subject(s): Construction industry—Management | Project management | Probabilities | Construction Management | Project Management | Probability TheoryAdditional physical formats: Printed edition:: No title; Printed edition:: No title; Printed edition:: No titleDDC classification: 690.06 Online resources: Click here to access online
Contents:
Chapter 1: Introduction -- Chapter 2: Basics -- Chapter 3: Data, Information, Knowledge, and BIM -- Chapter 4: Management of Chances and Risks -- Chapter 5: Applying the Management of Chances and Risks to Project Phases -- Chapter 6: The Fundamentals of Monte Carlo Simulations -- Chapter 7: Application of Monte Carlo Simulations -- Chapter 8: Influence of Project Lead Time and Construction Time on Project Targets -- Chapter 9: Worked Examples – Client -- Chapter 10: Worked Examples – Contractor.
In: Springer Nature eBookSummary: The book outlines the processes of calculating and critically reviewing construction costs and times for clients and contractors in different project phases. Any project or structural analysis should yield accurate information on times, costs, and prices. The related database is more or less uncertain depending on project complexity and the circumstances of work performance. It is thus recommended to use ranges of key input parameters. This approach consistently considers uncertainties within a holistic project view, thus enhancing the plausibility and validity of specific values. Only the integration of probabilistic methods will allow for calculating and graphically representing the chance/risk ratio as a crucial project variable ultimately influencing the entire business.This book examines the systemic modeling and consideration of uncertainties when determining construction costs and times, and life-cycle costs. It contains detailed descriptions of other decision-making processes, including project preparation and planning (developer calculation, soil survey, cost estimate), work preparation (costing, pricing, construction time evaluation, resource identification, comparison of construction methods, bid analysis, contract award), and project execution (site logistics, construction method selection, construction process planning, work coordination, sourcing, determination of additional costs, trend analyses), as well as for project portfolio management as a tool relevant to all phases.
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Chapter 1: Introduction -- Chapter 2: Basics -- Chapter 3: Data, Information, Knowledge, and BIM -- Chapter 4: Management of Chances and Risks -- Chapter 5: Applying the Management of Chances and Risks to Project Phases -- Chapter 6: The Fundamentals of Monte Carlo Simulations -- Chapter 7: Application of Monte Carlo Simulations -- Chapter 8: Influence of Project Lead Time and Construction Time on Project Targets -- Chapter 9: Worked Examples – Client -- Chapter 10: Worked Examples – Contractor.

The book outlines the processes of calculating and critically reviewing construction costs and times for clients and contractors in different project phases. Any project or structural analysis should yield accurate information on times, costs, and prices. The related database is more or less uncertain depending on project complexity and the circumstances of work performance. It is thus recommended to use ranges of key input parameters. This approach consistently considers uncertainties within a holistic project view, thus enhancing the plausibility and validity of specific values. Only the integration of probabilistic methods will allow for calculating and graphically representing the chance/risk ratio as a crucial project variable ultimately influencing the entire business.This book examines the systemic modeling and consideration of uncertainties when determining construction costs and times, and life-cycle costs. It contains detailed descriptions of other decision-making processes, including project preparation and planning (developer calculation, soil survey, cost estimate), work preparation (costing, pricing, construction time evaluation, resource identification, comparison of construction methods, bid analysis, contract award), and project execution (site logistics, construction method selection, construction process planning, work coordination, sourcing, determination of additional costs, trend analyses), as well as for project portfolio management as a tool relevant to all phases.

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