A Conceptual Study on the 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, Universiti Teknologi MARA, Shah Alam, Malaysia
  • Hafiszah Ismail Centre of Studies for Quantity Surveying, Faculty of Architecture Planning and surveying , Universiti Teknologi MARA, Shah Alam, Malaysia
  • Mohamad Sufian Hasim Centre of Studies for Building Surveying, Faculty of Architecture Planning and surveying , Universiti Teknologi MARA, Shah Alam, Malaysia
  • Halim Hashim Centre of Studies for Quantity Surveying, Faculty of Architecture Planning and Surveying, Universiti Teknologi MARA, Shah Alam, Malaysia

DOI:

https://doi.org/10.21834/e-bpj.v5i13.2101

Keywords:

Monte Carlo, Risk Analysis, Cost Prediction, Qualitative approach, Quality of life

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 realistic costing proposed by the Quantity Surveyor. Through this approach, quality of life received by the client in investing budget without waste of propose funding in the construction project. The methodology used is a qualitative approach consist of 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: 2398-4287 © 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 BYNC-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/e-bpj.v5i13.2101

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Published

2020-03-23

How to Cite

Muhamad Halil, F., Ismail, H., Hasim, M. S., & Hashim, H. (2020). A Conceptual Study on the Monte Carlo Simulation for Cost Forecasting in the Green Building Project. Environment-Behaviour Proceedings Journal, 5(13), 75-81. https://doi.org/10.21834/e-bpj.v5i13.2101

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