Study on BIM-based construction project cost and schedule risk early warning

Abstract

Due to the more complex structure, greater size, and longer constructing period, most construction projects are facing more and greater risks than before and need more effective methods and tools to manage risks. However, because of the complex mathematic formulas, the difficulty of collecting data, or low profit margin etc., professionals are finding that few risk management methods and tools are sufficient, and they typically rely on their experience in practical construction-project risk management. To solve these problems, we present Building Information Modeling (BIM) as a new technology and the future of the Architectural, Engineering and Construction (AEC) industry. This combined with Earned Value Analysis (EVA) for providing a BIM-based construction project cost and schedule risk early warning model (BIM-CPCSREWM) to better and effectively manage construction project risks. Herein we will present a background and a description of the proposed model, develop the system prototype of BIM-CPCSREWM, and utilize a practical medicine construction project to illustrate the model's validity.