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Alashwal, A M and Chew, M Y (2017) Simulation techniques for cost management and performance in construction projects in Malaysia. Built Environment Project and Asset Management, 7(05), 534-45.

  • Type: Journal Article
  • Keywords: performance,bim,contingency planning,monte carlo simulation,4d simulation,cost estimates
  • URL: https://doi.org/10.1108/BEPAM-11-2016-0058
  • Abstract:
    Purpose Simulation techniques for cost management are useful for modeling uncertainties, making decisions, and improving the accuracy of cost estimation. Despite their usefulness, the application of these techniques in construction projects seems to be uncommon in the construction sector in Malaysia. The purpose of this paper is to determine the application of simulation techniques for cost estimation and control and to assess their influence on project cost performance. Design/methodology/approach A survey questionnaire was used to collect data from 83 government agencies, consultant firms, and contractor firms in Kuala Lumpur, Malaysia. Findings The findings revealed that knowledge of respondents and usage of cost simulation techniques in the Malaysian construction industry is low. In addition, main barriers of implementing cost simulation techniques are identified. Cost performance of construction projects in Malaysia is satisfactory; however, there is no association between this performance and the application of simulation techniques. Originality/value This paper contributes to construction management field by highlighting the main simulation techniques for cost management and drawing the attention of construction professionals and contractors to implement these techniques in construction projects.