ABSTRACT
This chapter describes definition application and utilization of the Percentage of Completion (PoC). Among the available metrics, the Percentage of Completion (PoC) is one of the most widely accepted and used in the construction and plant engineering project sectors. This metric is at first considered as an accounting method which yields the progress of completion of the project according to the International Financial Reporting Standards (IFRS) a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. The calculation of provision as a part of the cost forecast should be the result of a documented and sound analysis carried out by the Project Manager and the project control team, who perform the evaluation under well-defined guidelines. Monte Carlo Method consists of a stochastic simulation technique which utilizes a random sampling algorithm to create a series of possible scenarios.
