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Civil-Comp Proceedings
ISSN 1759-3433
CCP: 4/5
PROCEEDINGS OF THE THIRD INTERNATIONAL CONFERENCE ON CIVIL AND STRUCTURAL ENGINEERING COMPUTING
Edited by: B.H.V. Topping
Paper II.3

Project Cost Risk Analysis using a Personal Computer

G. Singh and G.E. Kiangi

Department of Civil Engineering, University of Leeds, England

Full Bibliographic Reference for this paper
G. Singh, G.E. Kiangi, "Project Cost Risk Analysis using a Personal Computer", in B.H.V. Topping, (Editor), "Proceedings of the Third International Conference on Civil and Structural Engineering Computing", Civil-Comp Press, Edinburgh, UK, pp 35-42, 1987. doi:10.4203/ccp.4.2.3
Abstract
The uncertainties associated with any project make it impossible to forecast the final cost with complete confidence. Although the desirability of the probability approach, which acknowledges the uncertainties, is now beginning to be widely accepted, there seems to be a limited use amongst engineers and project managers of the quantitative techniques which evaluate the risks involved. This paper demonstrates that the concepts involved are neither obscure nor complex and that well structured risk management techniques can be used to help evaluate and respond to risk. A real life case of a major tunnelling project is used to illustrate the application of an interactive and user-friendly micro based risk appraisal program.

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