A method for modeling construction risk is provided. The method includes providing a statistical model for each of a plurality of location-based tasks of a construction project model. A model parameter is randomly selected for each of the plurality of statistical models to generate a statistically-based duration for each of the location-based tasks. A schedule duration is then calculated using the statistically-based durations of the location-based tasks, and the steps of providing, randomly selecting, and calculating are repeated until a statistical distribution for the construction project model is generated, such as using a Monte Carlo analysis procedure.