Computerized risk analysis model in cost estimating in construction projects

Construction projects have been described among other projects in different industries by thelr uniqueness and variability. Risks and all the construction project stages and in case of ignorance, losses are sure to be anticipated or occurred. Risk analysis and management is one of the biggest aims of the main participants to the project, the contractor and the client. The client usually requires a tool/approach that can aid in the predict.ion and management of most of the risks < which would happen during the project life time and mainly in the operational stage. The contractor requires the same tool/approach in the construction stage where he is mainly involved. The risk management approach covers many areas in construction and it becomes a keen support to the client and the contractor. Precision constitutes a commonly wanted goal by any estimate, however it is usually ill-reached because estimates forecast the future. Risks and uncertainties usually affect most of the project elements which are combined to obtain an estimate, as the project cost, internal rate of return (IRR), net present value (NPV) or any other indicator. Risk analysis models in estimating provides a good support for clients and contractors in the decision making process. escribed among other projects in different industries by thelr uniqueness and variability. Risks and uncertainties are common features in all the construction project stages and in case of ignorance, losses are sure to be anticipated or occurred Risk analysis and management is one of the biggest aims of the main participants to the project, the contractor and the client. The client usually requires a tool/approach that can aid in the predict.ion and management of most of the risks which would happen during the project life time and mainly in the operational stage. The contractor requires the same tool/approach in the construction stage where he is mainly involved. The risk management approach covers many areas in construction and it becomes a keen support to the client and the contractor. Precision constitutes a commonly wanted goal by any estimate, however it is usually ill-reached because estimates forecast the future. Risks and uncertainties usually affect most of the project elements which are combined to obtain an estimate, as the project cost, internal rate of return (IRR), net present value (NPV) or any other indicator. Risk analysis models in estimating provides a good support for clients and contractors in the decision making process.