Various risk factors affect construction projects. Due to the uncertainties created by risk factors, actual activity durations frequently deviate from the estimated durations in either favorable or adverse direction. For this reason, evaluation of schedule uncertainty is required to make decisions accurately when managing construction projects. In this regard, this paper presents a new computer simulation model - the Repetitive Schedule Risk Analysis Model (RSRAM) - to evaluate unit-based repetitive building project schedules under uncertainty when activity durations and risk factors are correlated. The proposed model utilizes Monte Carlo Simulation and a Critical Path Method based repetitive scheduling procedure. This new procedure concurrently provides the utilization of resources without interruption and the maintenance of network logic through successive units. Furthermore, it enables assigning variable production rates to the activities from one unit to another and any kind of relationship type with or without lag time. Details of the model are described and an example application is presented. The findings show that the model produces realistic results regarding the extent of uncertainty inherent in the schedule.