Dynamic Simulations in Cost and Time Estimation of the Construction Process

Abstract

This paper describes a model which is able to simulate the costs and the duration of construction for a building project. The model predicts the set of expected costs and the duration of the project depending on input parameters such as production rate, scope of the work, the time schedule, bonding conditions, maximum and minimum deviations from the scope of the work, and the production rate. Clients are able to make proper decisions concerning the time and cost schedules of their investments.