Published: Sep. 23, 2013
As green options move toward becoming the norm, new risks can result, such as whether environmentally-friendly materials can withstand a major earthquake, hurricane or flood. Green builders are turning to Monte Carlo simulation, a computational model that examines all possible outcomes and identifies the probabilities of different scenarios happening. According to Randy Heffernan, “Managers employ the technique to account for budgetary risk, cost risk, schedule risk and more. When you bring in elements such as new and often more expensive building materials or building features that are more weather-dependent—like solar and green roofs—the uncertainty of the entire project is compounded.”