ENHANCING RISK MANAGEMENT IN CONSTRUCTION PROJECTS: INTEGRATING MONTE CARLO SIMULATION WITH PRIMAVERA RISK ANALYSIS AND POWERBI DASHBOARDS

Abstract

The research would involve the enhancement of risk management in the construction project through combining and interacting Monte Carlo Simulation (MCS) with Primavera Risk Analysis (PRA) using PowerBI Dashboards. The focus nature of this research is on the predictability of risks, cost control, and decision-making processes. Reports and case studies already made available will be gathered, developed, and executed for a great many simulations of risks. MCS would be used in building probabilistic risk scenarios, and PRA would provide the feedback of how such risks may influence project schedules and costs. PowerBI Dashboards would present live-risk data to the stakeholders for them to make more informed decisions. Results expected are to see an enormously reduction in the project delays, cost overruns, and overall risks impacting. Future research studies will also involve machine learning and real-time data collection, which improve the dimensions of risk prediction and mitigation.