Models to Analyze Risk in Time and Cost Estimation of Tunneling Projects

Abstract Time and cost estimation of tunneling projects is usually performed in a deterministic manner. However, because the approach not capable dealing with uncertainty, probabilistic methods have been developed over years to better account for this problem. Three models type are Decision Aids Tunneling (DAT) two at KTH Royal Institute Technology Czech Technical University Prague. To conduct time estimation, it important understand only uncertain factors that affect project but also involved parties’ different interests contractual responsibilities. This paper develops risk model specific purpose projects. In light model, practical application three discussed from risk-aware decision-maker’s perspective. The acquired insights can be helpful increasing experts’ risk-awareness modeling