Construction management, price and uncertainty analysis. The intent of the code is to use the Python sampling methods to estimate the uncertainty in the project pricing. Assume a project cost includes the price of material, labour cost, property cost, construction date, and anything else you want to include. However, we know the price, labour cost, construction date, and other factors will be changing during the construction period. Let's assume that each of the parameters follow the normal distribution with a constant standard deviation (i.e., 10% of the mean). Input (suggest input): (1) Factors that impact the total construction cost (2) Assume input for each factor values (including mean value and standard deviation) Minimum output: (1) The statistic property of the potential total cost (2) What is the probability the cost will exceed 10% or 20% of the expected value (based on the mean)
Construction management, price and uncertainty analysis. The intent of the code is to use the Python sampling methods to estimate the uncertainty in the project pricing. Assume a project cost includes the price of material, labour cost, property cost, construction date, and anything else you want to include. However, we know the price, labour cost, construction date, and other factors will be changing during the construction period. Let's assume that each of the parameters follow the normal distribution with a constant standard deviation (i.e., 10% of the mean). Input (suggest input): (1) Factors that impact the total construction cost (2) Assume input for each factor values (including mean value and standard deviation) Minimum output: (1) The statistic property of the potential total cost (2) What is the probability the cost will exceed 10% or 20% of the expected value (based on the mean)
Computer Networking: A Top-Down Approach (7th Edition)
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Please code using Python.
Transcribed Image Text:Construction management, price and uncertainty analysis. The intent of the code is to use the
Python sampling methods to estimate the uncertainty in the project pricing. Assume a project cost
includes the price of material, labour cost, property cost, construction date, and anything else you
want to include. However, we know the price, labour cost, construction date, and other factors will
be changing during the construction period. Let's assume that each of the parameters follow the
normal distribution with a constant standard deviation (i.e., 10% of the mean).
Input (suggest input):
(1) Factors that impact the total construction cost
(2) Assume input for each factor values (including mean value and standard deviation)
Minimum output:
(1) The statistic property of the potential total cost
(2) What is the probability the cost will exceed 10% or 20% of the expected value (based on the
mean)
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