Wing, C K (1997) Monte Carlo simulation of construction costs using subjective data: Response. Construction Management and Economics, 15(1), pp. 109-115. ISSN 01446193
Abstract
This communication is a response to the insightful note by Fellows on previous papers by the author. Not only has Fellows supplemented Chau's major arguments, he has also expanded the scope of discussion and raised new issues. While the author agrees with most of the points made by Fellows, there are concepts and arguments that need to be clarified. This note is a response to certain issues raised by Fellows. It also clarifies certain concepts and gives alternative viewpoints. Most of these viewpoints complement rather than contradict those given by Fellows. It is hoped that this note will arouse readers' interest in the subject as well as contribute to the academic debate of the issue. The sequence of the discussion follows that in Fellows' note.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cost; Monte Carlo simulation; probabilistic cost estimate |
| Index terms: | Monte Carlo simulation, cost estimate, construction cost |
| Subjects: | financial and cost management, modelling and simulation |
| Topics: | Cost Management, Research Practice |
| Descriptive scope: | 2 CA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here