Simulation of expenditure patterns of construction projects

The existing models for project budgeting and forecasting are either alienating to the user, or involve a laborious process of preparation. This is mainly due to the structure of the model, which itself is determined by the approach adopted in developing the model. In this paper, a new approach to model development based on the analysis and examination of the shape of the pattern of project expenditure is described and contrasted with the approaches that have been adopted so far. Also, the procedure for the generation of a model based on the new approach to model development is outlined. This is an attempt to overcome many of the shortcomings associated with the current models, by building on the many advantageous features of these models. It is anticipated that the approach adopted and the accompanying mathematical model can facilitate the provision of a balanced combination of ease of application, user involvement and user comprehension.