%0 Journal Article %1 abourizk1993stochastic %A AbouRizk, Simaan M. %D 1993 %I Blackwell Publishing Ltd %J Microcomputers in Civil Engineering %K CM games %N 5 %P 343--353 %T Stochastic simulation of construction bidding and project management %V 8 %X A stochastic simulation model of a project management game was developed to assist in training estimators in developing bidding strategies in construction. This paper discusses the development of the conceptual gaming model for bidding on construction projects and the implementation of the model on portable software. The model simulates the actual bidding in construction by creating projects, initiating random phenomena, and keeping track of the performance of the individual players of the game. Upon conclusion of the game the winner is selected as the player that maximizes his relative return on the original investment assigned to him by the game. The paper describes the underlying construction management concepts and the bidding process in general. The database management model is then detailed focusing on the requirements and strategy behind the development of the various databases. The paper also describes the various models utilized in simulating the involved random processes. Finally the operation of the program is introduced and its use in educating construction engineers and managers is highlighted.

@article{abourizk1993stochastic, abstract = {A stochastic simulation model of a project management game was developed to assist in training estimators in developing bidding strategies in construction. This paper discusses the development of the conceptual gaming model for bidding on construction projects and the implementation of the model on portable software. The model simulates the actual bidding in construction by creating projects, initiating random phenomena, and keeping track of the performance of the individual players of the game. Upon conclusion of the game the winner is selected as the player that maximizes his relative return on the original investment assigned to him by the game. The paper describes the underlying construction management concepts and the bidding process in general. The database management model is then detailed focusing on the requirements and strategy behind the development of the various databases. The paper also describes the various models utilized in simulating the involved random processes. Finally the operation of the program is introduced and its use in educating construction engineers and managers is highlighted.}, added-at = {2009-07-28T07:09:08.000+0200}, author = {AbouRizk, Simaan M.}, biburl = {https://www.bibsonomy.org/bibtex/21941e55210f4d925119ee5f7ffd2d968/ioannest}, interhash = {f0f855993030af20ab1defd921a0aded}, intrahash = {1941e55210f4d925119ee5f7ffd2d968}, journal = {Microcomputers in Civil Engineering}, keywords = {CM games}, number = 5, pages = {343--353}, publisher = {Blackwell Publishing Ltd}, timestamp = {2009-07-28T07:09:08.000+0200}, title = {Stochastic simulation of construction bidding and project management}, volume = 8, year = 1993 }