Cost/benefit analysis model for implementing virtual reality in construction companies

Abstract: Immersive technologies (ImT), like Virtual Reality (VR), have several potential applications in the construction industry. However, the absence of a cost-benefit analysis discourages construction decision-makers from implementing these technologies. In this study, we proposed a primary model for conducting a cost-benefit analysis for implementing virtual reality in construction companies. The cost and benefit factors were identified through a literature review and considered input variables for the model, and then using synthetic data, a Monte Carlo simulation was performed to generate a distribution of outcome. Given the uncertainty in input parameters, this distribution reflected the potential range of total net benefit. Considering synthetic data and input factors obtained only through literature and assumptions, VR implementation could be a promising decision based on the results. This study's results would benefit decision-makers in construction companies about the costs and benefits of implementing VR and other researchers interested in this field.