Uncertainty analysis in construction project’s appraisal phase

Abstract

This article deals with risk and uncertainties encountered during the appraisal process in construction, as well as with reasons of their origin. An analysis of three equal size buildings’ appraisal has been carried out at different stages of building implementation. Factors of different phases have been established and change tendencies of these factors have been identified. Methodology of risk and uncertainty minimization has been provided by means of stochastic programming and game theory methods. It has been done by the application of the multi-criterion decision making methods.