Monte Carlo Simulation for Cost Forecasting in the Green Building Project

Authors

  • Faridah Muhamad Halil Centre of Studies for Quantity Surveying, Faculty of Architecture Planning and Surveying, UniversitiTeknologiMARA,ShahAlam, Malaysia
  • Hafiszah Ismail Centre of Studies for Quantity Surveying, Faculty of Architecture Planning and Surveying, UniversitiTeknologiMARA,ShahAlam, Malaysia
  • Mohamad Sufian Hasim Centre of Studies for Quantity Surveying, Faculty of Architecture Planning and Surveying, UniversitiTeknologiMARA,ShahAlam, Malaysia
  • Halim Hashim Centre of Studies for Quantity Surveying, Faculty of Architecture Planning and Surveying, UniversitiTeknologiMARA,ShahAlam, Malaysia

DOI:

https://doi.org/10.21834/ajqol.v5i18.204

Abstract

Monte Carlo Simulation is a mathematical technique that generates random variables for modelling risk. This technique is suitable and benefits to the various client such as public and private sector to evaluate the costing prepared by the Quantity Surveyor.  The methodology used is a qualitative approach consisting of a case study and document analysis. The result shows through Monte Carlo simulation, can predict the worst return from the accuracy of the estimation and given absolute confidence for project development. 

Keywords: Monte Carlo, Risk Analysis, Cost Prediction, Qualitative Approach

eISSN 2398-4279 ©2020 The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia.
DOI:  https://doi.org/10.21834/ajqol.v5i18.204

Published

2020-04-10

Issue

Section

Articles