Risk Assessment of Plan Schedule by Monte Carlo Simulation

With an increasingly complex and rapidly changing construction circumstance, owners and their c ontractors are confronting challenges from risk management while maintaining control and improving performance. With great capabilities for project management solution, Monte Carlo simulation was used to f orecast projects' execution results. In this paper, a practical example, construction and installation engineering in cargo area of Kunming Changshui international airport project is studied to show explicitly the benefits of using Monte Carlo simulation to assess risk in practical scheduling.