Combinatorics in Management of Investment Construction Projects

Abstract

The subject of this article is the perspective that reveals the use of combinatorics in the context of Building Information Modeling (BIM). Today’s world is characterized by a high degree of unpredictability, which increases the relevance of the introduction of new methods of project risks & opportunities management. Another feature of modernity is digitalisation. These two challenges, taken together in their interaction, make it necessary to conduct research on the topic. The analysis showed that combinatorial tools are used in such fields as biology, physics, information technology, and linguistics. However, in economics and management this useful toolkit has not yet been sufficiently spread. The purpose of the article is to identify a number of factors by which the practical application of combinatorial techniques can qualitatively affect the management of capital construction projects. The essence of BIM is revealed as a digital environment for forecasting by project teams (and project managers), basing on maps of scenarios. Combinatorics is illustrated in the areas of management and economics such as Integrated Project Delivery, Supply Chains, Lean Construction, and Benefit-Cost Analysis. Particular attention is given to assessing the effectiveness in the context of determining the expected course of project development, using applied combinatorial approaches. An important feature of combinatorial techniques is that their use is one of the means of proactive management under uncertainty. Combinatorics should become one of the necessary competencies for project managers and value engineering professionals. The business case presented in the article demonstrates the feasibility and usefulness of the widespread implementation of the proposed approaches in the practice of capital construction projects delivery. JEL classification: C83, D81, L74, M15, O22 Manuscript received 28.04.2020