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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)
Computer Networking: A Top-Down Approach (7th Edition)
7th Edition
ISBN:9780133594140
Author:James Kurose, Keith Ross
Publisher:James Kurose, Keith Ross
Chapter1: Computer Networks And The Internet
Section: Chapter Questions
Problem R1RQ: What is the difference between a host and an end system? List several different types of end...
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Please code using Python.

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)
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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