In a new paper published by the Institute of Construction Claims Practitioners, Vertex’s Robert Adams, a Managing Director with our Commercial Damages & Investigations practice, outlines how to enhance prospective time impact analysis (TIA) for construction claims.
In “Beyond a Single Number: Monte Carlo Modeling as a Proposed Enhancement to Prospective Time Impact Analysis”, Adams proposes the use of Monte Carlo modeling in addition to conventional processes, because it provides benefits such as auditable analytical assumptions, a shared evaluative framework for all stakeholders, and “a more complete evidentiary foundation for negotiation and formal dispute resolution.”
Members can read the full paper on the ICCP website. Non-members can view a web version of the paper on LinkedIn.