Prof. Christian Hofstadler is the Head of the Institute of Construction Management and Economics at Graz University of Technology (TU Graz) in Austria. In his role, he constantly strives to optimize the way in which knowledge is transferred on a sound and sustainable basis in university tuition and research to the benefit of the community of experts in both the private and the public sector. His endeavor has always been to generate and transfer networked knowledge and the associated know-why. His research findings are not only presented in tuition and research, they are also put to good use by construction practitioners in their daily work. Dr. Markus Kummer graduated from TU Graz, obtaining a master’s degree in industrial engineering/construction engineering sciences. Since 2011 he has been working as an independent professional, preparing expert opinions in the field of construction management and economics. Since 2013he has also been university project assistant at TU Graz, followed by a senior project scientist position at the Institute of Construction Management and Economics. He is the deputy head of the working group on the “Management of Chances and Risks, and Digitization” and is a member of the Institute Board. He has authored several articles in the construction engineering sciences field as well as co-hosted scientific conferences.

• Chapter 1: Introduction.- Chapter 2: Basics.- Chapter 3: Data, Information, Knowledge, and BIM.- Chapter 4: Management of Chances and Risks.- Chapter 5: Applying the Management of Chances and Risks to Project Phases.- Chapter 6: The Fundamentals of Monte Carlo Simulations.- Chapter 7: Application of Monte Carlo Simulations.- Chapter 8: Influence of Project Lead Time and Construction Time on Project Targets.- Chapter 9: Worked Examples – Client.- Chapter 10: Worked Examples – Contractor.

Prof. Christian Hofstadler is the Head of the Institute of Construction Management and Economics at Graz University of Technology (TU Graz) in Austria. In his role, he constantly strives to optimize the way in which knowledge is transferred on a sound and sustainable basis in university tuition and research to the benefit of the community of experts in both the private and the public sector. His endeavor has always been to generate and transfer networked knowledge and the associated know-why. His research findings are not only presented in tuition and research, they are also put to good use by construction practitioners in their daily work. Dr. Markus Kummer graduated from TU Graz, obtaining a master’s degree in industrial engineering/construction engineering sciences. Since 2011 he has been working as an independent professional, preparing expert opinions in the field of construction management and economics. Since 2013he has also been university project assistant at TU Graz, followed by a senior project scientist position at the Institute of Construction Management and Economics. He is the deputy head of the working group on the “Management of Chances and Risks, and Digitization” and is a member of the Institute Board. He has authored several articles in the construction engineering sciences field as well as co-hosted scientific conferences.

• Chapter 1: Introduction.- Chapter 2: Basics.- Chapter 3: Data, Information, Knowledge, and BIM.- Chapter 4: Management of Chances and Risks.- Chapter 5: Applying the Management of Chances and Risks to Project Phases.- Chapter 6: The Fundamentals of Monte Carlo Simulations.- Chapter 7: Application of Monte Carlo Simulations.- Chapter 8: Influence of Project Lead Time and Construction Time on Project Targets.- Chapter 9: Worked Examples – Client.- Chapter 10: Worked Examples – Contractor.

Prof. Christian Hofstadler is the Head of the Institute of Construction Management and Economics at Graz University of Technology (TU Graz) in Austria. In his role, he constantly strives to optimize the way in which knowledge is transferred on a sound and sustainable basis in university tuition and research to the benefit of the community of experts in both the private and the public sector. His endeavor has always been to generate and transfer networked knowledge and the associated know-why. His research findings are not only presented in tuition and research, they are also put to good use by construction practitioners in their daily work. Dr. Markus Kummer graduated from TU Graz, obtaining a master’s degree in industrial engineering/construction engineering sciences. Since 2011 he has been working as an independent professional, preparing expert opinions in the field of construction management and economics. Since 2013he has also been university project assistant at TU Graz, followed by a senior project scientist position at the Institute of Construction Management and Economics. He is the deputy head of the working group on the “Management of Chances and Risks, and Digitization” and is a member of the Institute Board. He has authored several articles in the construction engineering sciences field as well as co-hosted scientific conferences.

• Chapter 1: Introduction.- Chapter 2: Basics.- Chapter 3: Data, Information, Knowledge, and BIM.- Chapter 4: Management of Chances and Risks.- Chapter 5: Applying the Management of Chances and Risks to Project Phases.- Chapter 6: The Fundamentals of Monte Carlo Simulations.- Chapter 7: Application of Monte Carlo Simulations.- Chapter 8: Influence of Project Lead Time and Construction Time on Project Targets.- Chapter 9: Worked Examples – Client.- Chapter 10: Worked Examples – Contractor.