Hierarchy probability cost analysis model incorporate MAIMS principle for EPC project cost estimation

Authors:
Xiangbai Gu;Zhiqiang Geng;Wenxing Xu;Qunxiong Zhu
Affiliations:
School of Information Science and Technology, Beijing University of Chemical Technology, Beijing 100029, China and Sinopec Engineering Company, Beijing 100029, China;School of Information Science and Technology, Beijing University of Chemical Technology, Beijing 100029, China;School of Information Science and Technology, Beijing University of Chemical Technology, Beijing 100029, China;School of Information Science and Technology, Beijing University of Chemical Technology, Beijing 100029, China
Venue:
Expert Systems with Applications: An International Journal
Year:
2011

Citing 4
Cited 0

An Approximate Method for Sampling Correlated Random Variables From Partially-Specified Distributions

Management Science
Introduction to Simulation and Risk Analysis

Introduction to Simulation and Risk Analysis
Assessment of Cost Uncertainties for Large Technology Projects: A Methodology and an Application

Interfaces
Incorporating psychological influences in probabilistic cost analysis: Regular Papers

Systems Engineering

Quantified Score

Hi-index	12.05

Visualization

Abstract

Two new types of hierarchy probability cost analysis (HPCA) model incorporating money allocated is money spent (MAIMS) principle based on definite work breakdown structure (WBS) level for EPC (engineering, procurement and construction) projects are presented. The proposed models have skillfully solved dilemma to appropriate cost elements and maximize the efficiency of information for cost risk analysis. Macroscopic and microscopic risk analysis of the project cost elements are introduced for meaningful model input. The illustration of an actual bidding EPC project substantiates that proposed integrating HPCA-hierarchy MAIMS models have demonstrated effective and viable for EPC projects.