Review of the literature for the integration of a statistical-probabilistic methodology
Keywords:
Bibliometric study, Market study, Optimal cost, Statistical-probabilistic methodology.Abstract
In the context of market studies for civil works projects in Colombian public institutions, this article has like main goal to make an exhaustive review of sources that deals with limitations of conventional statistics analysis, which uses the average value and standard deviation of bidder prices in contrast to probabilistic and statistical analysis focused on Monte Carlo simulation. Even this paper is adressed to modus operandi of public institutions in Colombia, it was necessary to take a look of bibliography of several countries, certainly concentrated on assessment of bidder prices in order to work for State. Reliable and widely consulted sources were used, such as IEEE Xplore, Scopus, Web of Science and sophisticated data bases in Project management and statistics. As result, it is presented to reader the current state of art and a huge bibliography of review for this purpose, that yet shows a massive decrease of scientific production after COVID-19. Finally, this article will be as a tool for improving making decision and promoting more efficient management in the execution of public infrastructure projects in Colombia.
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