Much research has been done on construction safety cost. However it is always on a qualitative level, little quantitative research has been done, especially on the safety cost of water conservancy construction project. In this paper, by the combined use of grey correlation model and optimal safety cost model which is under dialectical understanding, a dynamic management model on the safety cost of water conservancy construction project is given on a quantitative level. The result of using it on an earth and rock excavation project of a diversion channel shows that this dynamic management model has practical directive sense on the safety cost management of water conservancy construction enterprises.
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