Write a research paper on Managing uncertainty in construction contracts using Monte Carlo Simulation.

Procurement stage within construction contracts commonly results in having big disputes among involved parties. Unrealistic procurement durations and forced contractual terms/conditions issues may be resolved using advance calculations/statistics methods. Monte Carlo Simulation with other smart planning tools may be a good approach.
When reviewed among other businesses, construction is one of the most hazards, risky and less profitable business. Associated uncertainty level could be high particularly during procurement stage. Procurement could be define as acquisition of goods and services. In construction, the terminology goes beyond this description as it can incorporate outsource services on every level throughout the scope of a defined project. Construction firms have undertaken significant and widespread change. However, scope clarity, design parameters accuracy and procurement of long-lead materials remained among the main factors that adversely affecting performance of construction contractors.

Monte Carlo Simulation (MCS) is a mathematical technique that produces random variables for demonstrating risk or uncertainty of a certain system. It also uses quantified data, allowing project construction managers to better justify and communicate their arguments when senior management/client is pushing for unrealistic project expectations. Research study will concentrates on quantitative analysis and risk identifications. Suggested research methodology shall include secondary data analysis from previous accomplished construction projects, mix of observations and experiments.