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A risk simulation model to assess failure costs in geotechnical construction projects - A case study on building pit construction

Mavridis, A. (2012) A risk simulation model to assess failure costs in geotechnical construction projects - A case study on building pit construction.

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Abstract:Selection of a suitable method of procuring construction works is traditionally based on the intuition and past experience of managers overlooking the project. Their intuition is trusted to select the most cost effective means of construction with risk taken into account. Doubt is cast on the effectiveness of this approach, however, when numerous alternative construction sequences are possible. The potential risk of failure and subsequent failure costs varies depending on the construction sequence selected, and the methods which comprise that sequence. In this research, a model is proposed which simulates the potential risk of failure for all possible building pit construction sequences. In doing so, a cost profile for every plausible construction sequence is generated, which incorporates the potential risk of failure and its impact on cost. The model overcomes the limitations of traditional construction sequence selection by providing managers with enhanced risk-related information regarding the time, cost and quality of prospective projects.
Item Type:Essay (Master)
Faculty:ET: Engineering Technology
Subject:85 business administration, organizational science
Programme:Construction Management and Engineering MSc (60337)
Link to this item:http://purl.utwente.nl/essays/62255
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