Abstract
The increasing constraints which construction companies face due to the prolonged financial crisis and the contracting
construction market impose more and more realistic and efficient approaches related to the planning, scheduling and
monitoring of their projects.
A project deterministic approach, with preset parameters of time and cost and with the decisions taken based on the
independent analysis of time or cost, even they are interrelated, has a low likelihood to be successfully. Usually the
construction projects are confronted with delays and over costs which reduce the company profit and leads to its bankruptcy.
Therefore, a more efficient approach should take into account the risk events and uncertainties and the resources limitations
in construction projects planning, scheduling and monitoring and also, the correlation between the parameters time, cost and
the resources limitation.
The paper provides a practical approach of quantitative risk analysis using Monte Carlo Method and highlighting the
correlation between the parameters time, cost and resources limitations in construction projects. The project execution is
analyzed not only by the current probability to achieve the parameters time and cost together, but by the trends of their
combination, integrating the scope, time, cost, resources and risks and providing a better tool in decision making. To
demonstrate the advantages of this approach, a case study of a construction project is analyzed using Spider Project software.