How to Select a Known ProbabilityDistribution for an Element Cost
REN Hong1,XIANG Xiao_lin2
DOI:10.11835/j.issn.1674-4764.1999.03.003
Received ,Revised , Accepted , Available online July 01, 2015
Volume ,1999,Pages 9-14
- Abstract
Various cost simulation software packages are extensively used in the construction industry today. There are some differences in the problems to which they are applied,but it is essential that users select suitable known distributions and estimate the parameter values for cost elements before starting any simulation. The accuracy and reliability of the simulation results depend on such selections. This paper proposes a practical and accurate selection method based upon the least differences of expected values and standard deviations between a known distribution and an estimated cost probability histogram.