Probabilistic Life Cycle Cost Analysis Incorporating Multi Attribute Utility Assessment

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


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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: