System and method for modeling construction risk using location-based construction planning models
US7752020B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 11, 2006 |
| Grant date | Jul 6, 2010 |
| Priority date | — |
| Expiry date | Feb 19, 2029 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q10/06
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method for modeling construction risk is provided. The method includes providing a statistical model for each of a plurality of location-based tasks of a construction project model. A model parameter is randomly selected for each of the plurality of statistical models to generate a statistically-based duration for each of the location-based tasks. A schedule duration is then calculated using the statistically-based durations of the location-based tasks, and the steps of providing, randomly selecting, and calculating are repeated until a statistical distribution for the construction project model is generated, such as using a Monte Carlo analysis procedure.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.