Variations in the durations of activities are commonplace in the construction industry. This is due to the fact that the construction industry is influenced greatly by variations in weather, productivity of labour and plant, and quality of materials. Stochastic network analysis has been used by...

This paper was prepared for the purpose of presenting the methodology and uses of the Monte Carlo simulation technique as applied in the evaluation of investment projects to analyse and assess risk. The first part of the paper highlights the importance of risk analysis in investment appraisal....

Focusing on individual motorists in car-owning households in Germany, this analysis econometrically investigates the determinants of automobile travel for non-work service activities against the backdrop of two questions: 1) Does gender play a role in determining the probability of car use and...

There are several different economic barriers such as high up-front capital costs, high transaction costs and diverse risks (e.g. performance and technical, contract risks, market risks) that keep potential investors or institutional lenders from investing in decentralized renewable energy...

In this paper, a probabilistic method is proposed to analyze the steady-state operating conditions of an active electrical distribution system with Wind (WD) and Photovoltaic (PV) generation plants. This method takes into account the uncertainties of power load demands and power production from...

Nowadays, the European natural gas production has declined having, as a consequence, increased import dependence, which is estimated to reach 85% by 2030. Therefore, the implementation of a European energy policy, towards the viability, competitiveness and security of energy supply, is more than...

In future electricity systems with a high share of intermittent renewable power generation, battery technologies have the potential to support power quality and security. The growing scientific literature on batteries reflects the high attention that currently rests on these technologies. This...

The issue of future airport capacity in London is currently the subject of much political debate in the UK. Although realistic estimates of the effects of capacity enhancement may be desirable, such estimates are difficult. Through the use of Monte Carlo simulation, this paper quantifies and...

Multi-objective combinatorial optimization (MOCO) problems, apart from being notoriously difficult and complex to solve in reasonable computational time, they also exhibit high levels of instability in their results in case of uncertainty, which often deviate far from optimality. In this work we...

For decades researchers have claimed that particularly demand forecasts and construction cost estimations are assigned with/affected by a large degree of uncertainty. Massively, articles, research documents and reports agree that there exists a tendency towards underestimating the costs and...