2026-06-01T02:48:39Zhttps://riuma.uma.es/rest/oai/request

oai:riuma.uma.es:10630/334702026-02-03T10:59:01Zcom_10630_2254col_10630_37953

Impact of aleatoric, stochastic and epistemic uncertainties on project cost contingency reserves Curto, David Acebes Senovilla, Fernando González-Varona, José Manuel Poza García, David Montecarlo, Método de Incertidumbre In construction projects, contingency reserves have traditionally been estimated based on a percentage of the total project cost, which is arbitrary and, thus, unreliable in practical cases. Monte Carlo simulation provides a more reliable estimation. However, works on this topic have focused exclusively on the effects of aleatoric uncertainty, but ignored the impacts of other uncertainty types. In this paper, we present a method to quantitatively determine project cost contingency reserves based on Monte Carlo Simulation that considers the impact of not only aleatoric uncertainty, but also of the effects of other uncertainty kinds (stochastic, epistemic) on the total project cost. The proposed method has been validated with a real-case construction project in Spain. The obtained results demonstrate that the approach will be helpful for construction Project Managers because the obtained cost contingency reserves are consistent with the actual uncertainty type that affects the risks identified in their projects. 2024-09-26T11:35:54Z 2024-09-26T11:35:54Z 2022 journal article D. Curto, F. Acebes, J.M. González-Varona, D. Poza, Impact of aleatoric, stochastic and epistemic uncertainties on project cost contingency reserves, International Journal of Production Economics, Volume 253, 2022, 108626, ISSN 0925-5273, https://doi.org/10.1016/j.ijpe.2022.108626. https://hdl.handle.net/10630/33470 10.1016/j.ijpe.2022.108626 eng http://creativecommons.org/licenses/by-nc-nd/4.0/ open access Attribution-NonCommercial-NoDerivatives 4.0 Internacional ELSEVIER (International Journal of Production Economics)