Life Cycle Costing: Maintenance and Repair Costs of Hospital Facilities Using Monte Carlo Simulation

Abstract

During the administration of a construction project, various types of participants are engaged in the project. Fromthe design phase to the maintenance phase, these participants may confront many risks. To avoid these risks,participants should utilize an insurance company or a bond company. The types of risks and liability that a constructionmanager may face are listed in the construction law or contract. But there are some arguments related to risktransferring and the content of risks. For this reason, construction managers must carefully consider any possible risksin the contract and the construction law. Therefore, for construction managers to deal with risks appropriately, theintroduction of a legal requirement to carry professional liability insurance, a defined compensation range for damages,a method of guarantee in the event of defects, a defined compensation claim period for damage, and a method ofdamage claim were suggested in this study.