Estimating Project Costs and Time under Uncertainties: A Stochastic Model for Inflation and Supply Changes During and After the Covid19 Pandemic

• DOI: 10.46254/ap03.20220302
• Publication Date: 2023-05-10T12:44:58Z
• Authors: Nguyen Le Nhu Tung; Nguyen Lecturer
• Keywords: Pandemic; Stochastic modelling

Rising inflation rates have influenced the profitability of many ongoing projects in economies 2022.In addition, supply shortages due to Covid19 pandemic delayed projects.Accurate estimation project time and costs for a bid such uncertainties minimizes risks financial losses incurred an awarded project.Conversely, failure anticipate changes prices supplies models decreases continuance projects, leading some ripple effects society.This paper examines stochastic model include shortage models.It suggests solution estimators estimate more accurately, given rising shortage.