Abstract
A major role of cost model is to ensure that the resource being handled is maintainable, functional and secure. The last decade has shown that attention to the idea of cost model added value to accomplish this management. In the context of cost model research and practice, the purpose of this paper is to identify, compare and describe the different cost models and investigate their value parameters. A systematic literature review of various publications has been followed in order to categorize the different theoretical models and to analyze the key quality parameters in the cost model. The established eight theoretical models were described in the sense of cost and the variant research projects and structures have taken into account very diverse parameters. In cost models, this analysis organizes 11-various quality parameters into four relevant headings: individuals, system and material, economy and social. Among all value parameters, cost reduction and customer satisfaction, followed by efficiency, are the most prioritized value parameters. This paper results provide a sound basis and realistic interpretation of future research to harmonize the definition of cost model added value as it is based solely on literature review.
Highlights
Malaysia is currently being considered in the intermediate development and industrialization phase, with the development of many construction mega-projects in progress
A comprehensive literature study on the fast-growing facilities management discipline shows that different models have been developed based on the Balance Scorecard (BSC), Business Excellence Model (BEM), Key Performance Indicator (KPI), and Capability Maturity Model (CMM), etc
Management cost model is a fast-growing discipline throughout the world, and it is imperative to build up the cost model field by being able to deliver similar services at a reduced cost as before, and by offering better services to their valued customers and end users
Summary
Malaysia is currently being considered in the intermediate development and industrialization phase, with the development of many construction mega-projects in progress. For the economic development of a country, the construction industry has a wide-ranging connection with the rest of the economy, for example, the manufacturing industry and financial services industry. Highway construction is considered an essential component of the construction industry in Malaysia and forms about 35.4 percent of the total construction work [1]. According to [4], 60% of the total construction budget in most developed countries has been spent on repair and maintenance. The Government of Malaysia has allocated a huge budget to improve and maintain the current road condition, where from 2001 to 2010 approximately RM5 billion was spent on the maintenance and rehabilitation of all federal roads in Malaysia [6], [7]. Maintenance spending in 2015 amounted to approximately US$ 3.40 billion, representing about 10 percent of total construction costs. Retrieval Number: E0530014520/2020©BEIESP DOI:10.35940/ijmh.E0530.014520 Journal Website: www.ijmh.org
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