Risk evaluation of schedule and cost for projects based on Monte-Carlo simulation

A random simulating model for risk evalnation of network schedule and cost based on triangle distribution is established in this paper. The Monte-Carlo simulation on the network schedule and cost for the construction of a pumping station project is carried out, and the curves of both probability distribution and risks of network schedule and cost is obtained. On the basis of the above, the risks of network schedule and cost is evaluated, and the results show that it is effective method for project risk evaluation and helpful for guiding risk management.