Probabilistic Life Cycle Cost Analysis Incorporating Multi Attribute Utility Assessment

1996-01-01
It has been observed quite frequently that social housing projects addressed for the low and middle income groups have been managed with the achievement of low initial cost only, without given any consideration to user satisfaction and life cycle cost analysis of buildings. As a response to this insufficiency, life cycle cost concept has been introduced at which all the costs of acquisition, operation, maintenance and modification of a building or a facility are taken into account, for the purpose of making decisions. Although life cycle cost analysis imports more information into the decision making process as compared to traditional initial cost comparisons, its usage is limited if uncertainty associated with future costs and non-economic attributes are excluded from the evaluation medium. It is the scope of this paper to introduce a methodology which incorporates risk identification and quantification into the life cycle cost analysis with a probabilistic approach and also to import subjective utility judgements into the decision making process by utilizing the Multi Attribute Utility Theory.
International Journal for Housing Science and its Applications

Suggestions

An Integrated regression-bootstrap sampling scheduling method for probabilistic duration range estimation of construction projects
Barış, Özgür; Sönmez, Rifat; Department of Civil Engineering (2019)
The estimation of project duration is important in construction projects, since it directly affects the costs and the success of the projects. Schedule risks can be determined along with the duration estimations in order to assess the possibility of delay penalties and additional costs. Therefore, the accuracy of the estimation of project duration range is very crucial in construction industry to assess the schedule risks. This thesis presents an integrated approach of non-parametric bootstrap sampling meth...
A Taxonomy for causes of changes in construction
Rahmani Mirshekarlou, Babak; Dikmen Toker, İrem; Birgönül, Mustafa Talat; Department of Civil Engineering (2012)
Change is an inevitable and inherent factor of each construction project which is a result of the nature of industry and the uniqueness of projects. Risky and unstable environment of construction industry usually triggers the potential of occurring changes during a project life cycle. Effective management of changes usually leads to increasing the project success. Change prediction and evaluation is the major step of change management process which enables the project management team to have a clear perspec...
The dynamics of the differentiation of housing production in metropolitan areas: the case of Eskişehir
Aslaner, Arzu; Balaban, Osman; Department of City and Regional Planning (2019)
The aim of this study is to determine the factors affecting the housing production processes in Eskişehir and the effects of these processes on the existing urban development dynamics. Similar to the growth trend across the country, there has been a growth in construction investments, especially in new housing production in Eskişehir after 2000. In addition, metropolitan districts, namely Tepebaşı and Odunpazarı, dominate the total new housing production in the city. In this regard, focusing on the period a...
Integrating Occupational Complexity Levels to Interest Assessments in Social and Enterprising Areas: Development of the Vertical Social Interest Scale
Acikgoz, Yalcin; Toker Gültaş, Yonca (2019-02-01)
With the goal of improving assessment of interests toward social and enterprising areas, we developed the Vertical Social Interest Scale (VSIS) by incorporating vertical differentiation between occupations in terms of authority and communication. Social and enterprising occupations, their complexity levels, and work activities were identified using the information in the Dictionary of Occupational Titles and Occupational Information Network. Three studies (N = 515 total), two of which utilized students and ...
An Exploratory Study on Causes and Impacts of Variation Orders in Public-Private Partnership Projects
Ejder, Kıvanç Umut; Dikmen Toker, İrem; Birgönül, Mustafa Talat; Department of Civil Engineering (2022-2)
Variation is an inevitable and inherent factor in public-private partnerships (PPP) projects which are a result of the extensive contract duration and the dynamic environment together with a large number of stakeholders. It is common in all kinds of PPP projects and determines the time limits and projected budget of the projects. For the social and financial viability of the project, it is important to be aware of these variations and their consequences that occur during the project life cycle. One of the m...
Citation Formats
M. T. Birgönül and İ. Dikmen Toker, “Probabilistic Life Cycle Cost Analysis Incorporating Multi Attribute Utility Assessment,” International Journal for Housing Science and its Applications, pp. 189–202, 1996, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/84095.