Research

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27 pages, 1629 KiB

Open AccessArticle

Development of a Cost Normalization Framework for Healthcare Facilities Cost Elements

by Vivek Sharma, Carlos H. Caldas, Dhaval Gajjar and Prajakta Bapat

Buildings 2024, 14(2), 529; https://doi.org/10.3390/buildings14020529 - 16 Feb 2024

Viewed by 498

Healthcare facilities (HCFs) are complex building structures that are becoming more challenging with ever-changing codes and regulations. Previously completed projects become a basis for future guidance regarding costs and scope. A robust normalization framework to assess previously completed projects with today’s costs and [...] Read more.

Healthcare facilities (HCFs) are complex building structures that are becoming more challenging with ever-changing codes and regulations. Previously completed projects become a basis for future guidance regarding costs and scope. A robust normalization framework to assess previously completed projects with today’s costs and location will benefit various stakeholders. The current study provides a complete picture for normalizing the overall project cost and phase cost by life cycle and HCF cost elements. This study aims to develop a cost normalization approach tailored to HCF-specific cost elements to extend the normalization framework for the overall project cost. Further, the researchers developed a distinct framework for normalizing the effect of shell space on the normalization of Total Installed Cost (TIC) to establish fixed cost adjustment rates for cold and warm shell spaces in HCFs, which can increase the accuracy of cost normalization of the overall project cost. This study identified an appropriate set of cost indices for normalizing HCF cost elements using publicly available indices. The cost elements identified for normalization included HCF-specific and Construction Specifications Institute Master Format (CSIMF) cost elements for assigning individual normalization procedures. This study provides individual and unique approaches for normalizing all identified cost elements, such as mechanical, concrete, etc. The initial framework was evaluated through a case study analysis that developed into the proposed approach built upon the collaborative efforts of academic researchers and industry experts. This study introduced shell space cost adjustment rates for warm and cold shell spaces to further develop a space normalization framework. This paper addresses the challenges of normalizing HCF project costs using the breakdown of HCF cost elements. Moreover, the paper provides the HCF’s overall cost normalization approach, emphasizing cost elements that allow accurate comparisons between various HCFs for early scope and cost guidance. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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20 pages, 4119 KiB

Open AccessArticle

A Dynamic Model for Effective and Optimal Planning of Formwork in Construction Projects

by Renata Baskova, Alena Tazikova, Zuzana Strukova, Maria Kozlovska and Jozef Cabala

Buildings 2023, 13(7), 1794; https://doi.org/10.3390/buildings13071794 - 14 Jul 2023

Cited by 1 | Viewed by 1293

Abstract

The cost of producing one cubic meter of concrete structure, depending on the structure’s shape, type, and complexity, can be variously high. The cost of concrete, reinforcement, formwork, and labor ratio varies. But unlike the cost of concrete and reinforcement, which tend to [...] Read more.

The cost of producing one cubic meter of concrete structure, depending on the structure’s shape, type, and complexity, can be variously high. The cost of concrete, reinforcement, formwork, and labor ratio varies. But unlike the cost of concrete and reinforcement, which tend to be similar in the terms of the conditions of a particular construction project, the cost of formwork and work with it are different for different contractors. It often depends on the appropriateness of the formwork system used, the optimal placement of the formwork sets, the minimization of downtime, and the efficiency of the carpenters’ work. Formwork modeling in the construction preparation phase intervenes in this planning area, where construction sources are defined and quantified, and the time course of their deployment is determined. The current paper deals with optimizing formwork selection and deployment in concrete structure execution. Even if several requirements must be considered when selecting and modeling the formwork (e.g., construction time, quality of concrete structure, etc.), an effort to minimize the cost of formwork, and thus construction cost, plays the most significant role. A dynamic model for effective and optimal planning of formwork in construction projects, including formwork cost analysis, is presented in the paper. The included case study demonstrated the planning of the formwork through a software application developed based on the computational algorithm of the dynamic model presented. A case study is presented in the article as a research method. An office building with five above-ground floors and one underground floor was chosen for the case study. To solve the case study, the formwork for horizontal structures (i.e., beams and slabs) is considered. The goal of the case study is to identify research questions and apply time and cost optimization to a selected specific building. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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21 pages, 3477 KiB

Open AccessArticle

Construction Contracts Quality Assessment from the Point of View of Contractor and Customer

by Arvydas Vilkonis, Jurgita Antucheviciene and Vladislavas Kutut

Buildings 2023, 13(5), 1154; https://doi.org/10.3390/buildings13051154 - 27 Apr 2023

Cited by 1 | Viewed by 2527

Abstract

The cost and determination of construction projects are key issues for both customer and contractor when entering into a construction contract. For customers, calculation and evaluation of the cost of construction projects is complicated by the problem of underpricing, which may lead to [...] Read more.

The cost and determination of construction projects are key issues for both customer and contractor when entering into a construction contract. For customers, calculation and evaluation of the cost of construction projects is complicated by the problem of underpricing, which may lead to the failure of contractors submitting a bid for a project, and, in addition, overpricing may lead to an overestimation of the average market value of specific groups of works. Therefore, the aim of the study is to compare the quality assurance of different contractors’ contracts using a multi-functional decision-making process and to develop a set of quality assessment criteria. The Analytic Hierarchy Process (AHP) was used to determine the significance of the criteria and afterwards to evaluate the construction contracts. Two groups of experts were involved in this research: specialists for the customer group, and specialists for the contractor group that comprised professionals in their respective fields, with many years of experience in managing and implementing construction projects. Based on the results of this study, conclusions and recommendations are presented regarding possibilities of ensuring quality of construction contracts and minimizing disputes between customer and contractor. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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21 pages, 2407 KiB

Open AccessArticle

Cost and Material Quantities Prediction Models for the Construction of Underground Metro Stations

by Fani Antoniou, Georgios Aretoulis, Dimitrios Giannoulakis and Dimitrios Konstantinidis

Buildings 2023, 13(2), 382; https://doi.org/10.3390/buildings13020382 - 30 Jan 2023

Cited by 8 | Viewed by 3077

Abstract

This paper addresses the gap in the scientific literature regarding construction cost estimates for the construction of underground metro stations. It provides preliminary cost estimation models using linear regression for use by the Greek underground metro public transport authority for planning future extensions [...] Read more.

This paper addresses the gap in the scientific literature regarding construction cost estimates for the construction of underground metro stations. It provides preliminary cost estimation models using linear regression for use by the Greek underground metro public transport authority for planning future extensions to the Athens and Thessaloniki networks. At the same time, it contributes to the body of knowledge by proposing material quantity prediction models and presents a two-stage preliminary cost estimation model for the construction of civil engineering works of underground metro stations. Stage one uses the construction cost budgets of six metro stations in Greece to develop a multilinear regression equation for the prediction of the overall cost for construction of civil engineering works; stage two provides estimates of material quantities using linear regression, key quantity ratios, and artificial neural networks. The data analyzed are from the prior measurements of quantities for the construction of the Chaidari to Piraeus extension of the Athens Metro Line 3. After comparing the actual values of costs and quantities with the corresponding predictions, acceptable discrepancies are observed. All models provide estimates within ±25% discrepancies, which are acceptable at the conceptual planning phase in order to initiate project funding quests. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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15 pages, 3674 KiB

Open AccessArticle

Best Fit of Cumulative Cost Curves at the Planning and Performed Stages of Construction Projects

by Mariusz Szóstak

Buildings 2023, 13(1), 13; https://doi.org/10.3390/buildings13010013 - 21 Dec 2022

Cited by 2 | Viewed by 1986

Abstract

The correct planning of investment costs and the effective monitoring of implementation process are significant problems in the management of investment projects. At the stage of construction works, it is worth determining the trend of the performed cost curve and periodically testing the [...] Read more.

The correct planning of investment costs and the effective monitoring of implementation process are significant problems in the management of investment projects. At the stage of construction works, it is worth determining the trend of the performed cost curve and periodically testing the fitting to the scheduled course of the budgeted cost curve. The aim of this research was to determine the shape and course of the cost curves for selected construction projects. A procedure was developed to forecast the distribution of cumulative costs at the planning stage of construction projects using envelopes (spaces) and cost curves for three different types of buildings and construction sectors: collective residential buildings, hotel buildings, and commercial and service buildings. An assessment of the actual costs incurred of investment tasks was carried out, the trend of which the cumulative cash flow curves can be estimated with a large match by forecasting the construction process. The article determines the best fit curves and the spaces of cost curves (the banana envelope of the S-curve) using mathematical formulas (third-degree polynomials), along with developed graphs for various construction projects. The analysis of the author’s own research was used to determine the best-fit curve and the curve’s area, which indicates the area of the correct planning of cumulative costs of construction investments. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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15 pages, 3384 KiB

Open AccessArticle

Determining the Construction Costs for Basic Type to Estimate the Sale Prices of New Multi-Family Housing Projects

by Yongwoon Cha, Taeil Park, Zhengxun Jin and Wonyoung Park

Buildings 2022, 12(10), 1691; https://doi.org/10.3390/buildings12101691 - 14 Oct 2022

Cited by 1 | Viewed by 2053

Abstract

Over the past two decades, the South Korean government has been regulating the supply and prices of multi-family housing (MFH) projects to stabilize the national population. Recently, active research has been conducted on the construction costs for basic type (CCBT) calculation to formulate [...] Read more.

Over the past two decades, the South Korean government has been regulating the supply and prices of multi-family housing (MFH) projects to stabilize the national population. Recently, active research has been conducted on the construction costs for basic type (CCBT) calculation to formulate appropriate policies. However, related previous studies have focused on improving the predictability of the construction cost in early stages based on existing house sale prices. In contrast, the CCBT calculation approach mainly requires policy implementation in practical fields, without considering the requirements of academics. Therefore, it is necessary to academically discuss a different approach for the estimation of sale prices of new MFH in the construction stage. This study aimed to calculate the CCBT to determine the appropriate sale price for new MFH. We selected four sample projects to calculate the CCBT, and a weighted average method was applied to correct regional deviations. Case application, which is a comparison between the CCBT-based sale price and actual case-based sale price, produced cost values in the range of 98–104%, and they included additional expenses. The results of this study demonstrate an extremely high level of cost estimation accuracy according to the Association for the Advancement of Cost Engineering study. Furthermore, this study can facilitate the stabilization of national housing by determining an appropriate sale price and can contribute to cost management research conducted during the construction phase. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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Review

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17 pages, 2755 KiB

Open AccessReview

A Scientometric Analysis of Construction Bidding Research Activities

by Amirreza Rashidi, Jolanta Tamošaitienė, Mehdi Ravanshadnia and Hadi Sarvari

Buildings 2023, 13(1), 220; https://doi.org/10.3390/buildings13010220 - 12 Jan 2023

Cited by 5 | Viewed by 2787

Abstract

Bidding is the process in which a contractor submits a tender to the owner of a construction project to undertake its execution. This enables companies to properly employ required contractors. This paper investigates the trends of research conducted on construction bidding from 1975 [...] Read more.

Bidding is the process in which a contractor submits a tender to the owner of a construction project to undertake its execution. This enables companies to properly employ required contractors. This paper investigates the trends of research conducted on construction bidding from 1975 to 2022 through a scientometric analysis from different viewpoints. A total of 299 relevant articles published in 191 journals were collected from the Web of Science database and analyzed by HistCite and CiteSpace software. The top journals, articles, institutes, and authors that contributed to bidding studies were ranked. The trends of published articles and contributions from different countries on the subject were examined. Moreover, the co-occurrence network, strongest burst detection, trends of the top keywords, and cluster analysis were determined. This review creates an in-depth insight into the content, enabling researchers to understand the existing body of knowledge and to trace a practical guideline for future studies. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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27 pages, 1997 KiB

Open AccessReview

Modelling Approaches of Life Cycle Cost–Benefit Analysis of Road Infrastructure: A Critical Review and Future Directions

by Theodora Vagdatli and Kleopatra Petroutsatou

Buildings 2023, 13(1), 94; https://doi.org/10.3390/buildings13010094 - 30 Dec 2022

Cited by 3 | Viewed by 2694

Abstract

Cost–benefit analysis (CBA) is considered an effective evaluation method for fostering optimal decision making and ranking of road infrastructures over decades. This paper introduces a comprehensive systematic literature review focusing on CBA’s methodological perspective for identifying its current modelling approaches and scrutinizing their [...] Read more.

Cost–benefit analysis (CBA) is considered an effective evaluation method for fostering optimal decision making and ranking of road infrastructures over decades. This paper introduces a comprehensive systematic literature review focusing on CBA’s methodological perspective for identifying its current modelling approaches and scrutinizing their key features and encompassed tools. Fifty-six relevant studies were extracted from Web of Science, Scopus and Google Scholar from 2005 until 2020. Initially, the bibliometric analysis presents an overall illustration of the most significant CBA concepts. The descriptive statistics determined eight distinct modelling categories used for CBA implementation, each encompassing three different modelling approaches for capturing the data risk assessment (deterministic or probabilistic), CBA’s parameters interactive behavior (static or dynamic) and the considered economies (microeconomic or macroeconomic). In-depth content analysis led to the interpretation of the current status of extant models and the identification of three main knowledge gaps: the absence of the CBA’s inputs updating into a probabilistic environment, the deficiency of a dynamic interdependent framework and the necessity of homogenous cost datasets for road projects. Future research directions and a conceptual framework for modelling CBA into a microeconomic, probabilistic and dynamic environment are proposed providing decision-makers with new avenues for more reliable CBA modelling. Full article

(This article belongs to the Special Issue Costs and Cost Analysis in Construction Project Management)

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