Construction Investment Projects Research Articles

Creation of a System of Cost Management Indicators for the Construction Investment Projects of the Green Healthcare Buildings

Introduction. Construction of the green healthcare buildings is a rather new and priority direction of construction in China. One of the key components of efficient implementation of the projects of green healthcare buildings is the cost management of a construction investment project. The projects of green buildings envisage the advanced technical content of a facility, a wide project scope and large number of participants. Therefore, the cost management requirements have to be more demanding, however, the traditional fragmented management fails to meet the requirements fostering the development of the green healthcare buildings. The present research investigates the issues of cost management of the green healthcare construction projects, analyses the necessity, feasibility, development trends and practical cost management problems thereof. The research strives to develop the cost management assessment indicators for all life cycle stages of the projects of green healthcare buildings.Materials and Methods. The research was conducted using such methods as the literature review and the expert interview methods. The expert interview method allows using the experience of experts from the related fields to assist in decisionmaking. Therefore, a questionnaire was developed as a part of the research.Results. Upon in-depth study of the various factors affecting the cost management of the green healthcare construction projects, the strategies and response measures have been developed based on the advantages and cost management features. By summarizing the cost management assessment indicators referring to implementation of the green healthcare construction projects and by combining the opinions of the experts and scientists from the related fields, the cost management assessment system for a project of green healthcare building has been created. The created assessment indicators make it possible to implement better control over the costs assigned to the green healthcare construction projects, elevate the level of project cost management, enhance the integrated benefits of the project and ensure the cost management and cost control for the similar projects.Discussion and Conclusion. The results of the research provide a theoretical basis for creating a cost management assessment system for the green healthcare construction projects aimed to solve the problems of cost management of the green healthcare buildings. The practical significance consists in providing a real practical approach to improving the cost management of the projects of green healthcare buildings.

BIM technology application in construction industry of Vietnam

In Vietnam, the concept of building information modeling (BIM) has become quite popular in the construction industry. The BIM application optimizes the information exchange and coordination between participants in various project, helps to visualize design, construction and project management processes, ensures the project quality and various benefits at a later stage of the project management and operation.Purpose: A review of the current situation and trends of BIM application in construction investment projects as well as inevitable digital transformation in the construction sector of Vietnam.Methodology: Statistical and comparative-historical methods, survey data obtained through a questionnaire in the form of statistical analysis using charts describing the BIM application in the construction industry in Vietnam.Research findings: It is shown that BIM is mostly used by enterprises that directly benefit from modern technologies. The BIM reflects the diversity of research subjects, as is can be applied at different stages by many project stakeholders. It is found that many surveys are distributed rather evenly, confirming that all key project participants are interested in using BIM.Originality: This study supplements information on the current status and trends of the BIM application in construction investment projects in different countries, including Vietnam. Thus, the BIM is increasingly being used in the construction industry, but there is still a lack in qualified personnel who can use this technology.

The interplay of the COVID-19 pandemic: Analyzing the dual impacts on tourism dynamics and economic growth

The tourism sector is one of the industries that has been hit the hardest by the Covid-19 pandemic crisis. The crisis caused by Covid-19 in the world but also in the countries of the region, has mostly affected the tourism sector, as well as other sectors related to tourism, namely, the hotel industry, crafts and transport but also investments in construction and numerous other projects, both in the public and private sectors. The purpose of this paper is to see the impact of the Covid-19 pandemic on the tourism sector and economic growth. Since tourism was one of the most affected sectors and almost.all tourist centers were closed, the impact on this sector is very large, causing high losses. Meanwhile, the transformative potential and the implications for sustainable policies in the development of the tourism sector have also been presented. For this research, two data sources were used, primary and secondary. Primary data was collected through the questionnaire, which was designed for this purpose. Meanwhile, secondary data have been collected through various reports of credible institutions such as the Kosovo Statistics Agency, scientific articles and other sources that have conducted research relevant to our paper. After collecting the necessary data through concrete analysis, the role and importance of each value was examined. The research with secondary data was carried out during the pandemic period, while 100 respondents participated in the questionnaire. The findings from the analysis of the research show that in 2021 there is a large decrease in tourists in Kosovo from all countries, but that the Republic of Kosovo with the development and application of its policies, especially for the gastronomy sector by easing taxes, offering subsidies for employee salaries, rents, etc. The Republic of Kosovo achieves a recovery of the industry sector, thus significantly increasing the number of tourists throughout the year 2022. Meanwhile, from the results of the research, we saw that the businesses with a tourist character in Kosovo are quite affected by the pandemic, but they hope for help in the form of different from the government to overcome this challenge as easily as possible. The findings from the regression analysis show that in cases where the government has applied measures to limit travel and close borders for tourists, the impact on economic growth has been negative.

AIIB Investment and Economic Development of India: The Case of the Gujarat Road Project

The purpose of this study is to verify whether the transportation infrastructure investment carried out by the Asian Infrastructure Investment Bank (AIIB) has promoted the economic development of its recipient countries. Since the establishment of the AIIB, its investments in infrastructure development, aimed at promoting economic growth in Asian developing countries, have garnered considerable attention. This study selects India, the largest recipient country of the AIIB, as the research object and chooses the Gujarat Road Project as the research case, since it is a completed infrastructure construction investment project in the transportation field. This paper provides an overview of the project’s operation and summarizes key factors in the project’s implementation. In the data analysis section, the per capita GDP is selected as the explained variable to measure economic development, and the LASSO regression method is used to select several variables that affect economic development. Moreover, the random forest model is used to obtain the causal relationship between road construction and the per capita GDP from 2001 to 2022. The results indicate that road construction in India has a significant positive effect on per capita GDP growth, the Gujarat Road Project supported by the AIIB also has a positive effect on per capita GDP growth, and this effect is stronger than that at the national level. The main contribution of this work is the validation of the investment strategy of the AIIB and the quantification of the economic contribution of AIIB investment projects to the local area.

Assessment of Causes Affecting Progress Schedules on Construction Investment Projects Funded by State Budget in Hanoi City, Vietnam

Background: Hanoi, the capital city, is the economic, political, and cultural center of Vietnam. Every year, the City’s Government always spends a large part of the budget on construction investment in order to create a basis for promoting its economic development and improving the residents living standards. However, in the process of implementing investment and construction, many projects were delayed, leading to the failure to achieve the desired investment efficiency. Objective: To research and evaluate the causes affecting the progress schedules of construction projects using public investment capital in Hanoi, the authors conducted a survey and used the F-AHP method to analyze data collected data in order to obtain objective and accurate results on the research problem. Methods: The causes affecting the progress of construction projects are classified into four groups, including subjective causes from project participants and objective reasons. Results: The results show that the causes of the project participants have a stronger influence than the objective causes in which the causes related to the owner and the causes related to the contractor have the highest influence. Conclusion: Based on projects ‘ progress schedules, the resources are mobilized, the parties work together to promote the development of the project.

ОСОБЛИВОСТІ НОВОЇ СИСТЕМИ ЦІНОУТВОРЕННЯ В ДОРОЖНІЙ ГАЛУЗІ ТА ШЛЯХИ ЇЇ УДОСКОНАЛЕННЯ

ntroduction. The new approach to determining the cost of road works and services is adapted to international standards of costs formation in the road sector, and the changes provided by the pricing system will be implemented by all participants of the road sector. Problem Statement. The necessary conditions for new construction, reconstruction, repair and maintenance of public roads financed from the budget are to ensure that their cost is determined in accordance with the principles of market pricing and using free prices, timely and correct settlements, as well as meeting all deadlines and high-quality road works and services. That is why the pricing model, taking into account its peculiarities, needed to be improved and brought in line with modern European norms and standards. At the same time, the approach to determining the cost of future investment projects for new construction, reconstruction, repair and maintenance of public roads should be based on uniform rules and methods that are formed taking into account state, territorial, public and private interests.

CURRENT TRENDS OF OPERATIONAL QUALITY IN INDUSTRIAL CONSTRUCTION

Purpose. Continuation of the life cycle of construction products is achieved through the use of the latest technologies of a complex technical approach, which includes the creation and use of equipment and materials that compensate for the functional costs of the building at the stage of operation. This substantiates the search for modern approaches to modeling, effective adjustment and development of optimization technologies in the formation of operational quality for the effective implementation of investment and construction projects. Methodology. The study of indicators of operational quality and characteristics of production operations in construction is described by dependencies and algorithms of resource conservation and building safety technologies. The issue of identifying the causes of the loss of reliability of objects and control of resource use requires accounting for changes in the conditions of the external and internal environment, diagnosed in the previous design cycles of this object (prototype) or similar objects (analog), allows to identify them in the form of investment and construction project norms, justify and develop technologies for the formation of its operational quality. Findings. The search for modern approaches to modeling, effective adjustment and development of optimization technologies in the formation of operational quality for the effective implementation of investment-construction projects is substantiated. Originality. The technological complex of system-forming regulators of operational quality in construction, as levers for the implementation of construction projects and applied tools for evaluation and forecasting of parameters of the operational quality of construction products, which allows timely response to the requirements of the customer of the construction project and making the necessary corrections during the implementation of construction processes, in order to comply with the planned operational quality standards. Practical value. Carrying out theoretical and practical justifications and scientific and practical research on the development of technologies for the formation of operational quality in construction. The existing principles of management activities for the assessment and improvement of operational quality at all stages of the life cycle of the construction object and in production processes are substantiated, taking into account the modern conditions of the world market, which imposes strict requirements on construction products at all stages of their creation. Approaches to the implementation of the technology for improving the operational quality of industrial buildings have been developed, which contributed to increasing the level of object reliability and the optimal level of production resource saving. Proposed concepts of the continuation of the life cycle of construction products due to the use of the latest technologies of a complex technical approach in the process of creating and using equipment and materials that compensate for the functional costs of the building at the stage of operation. The latest approaches to modeling, effective adjustment and development of optimization technologies are applied in the formation of operational quality for the effective implementation of investment and construction projects.

Sustainable Activity of Construction Companies under the Influence of Destabilizing Factors on the Duration of Implementation of Investment-Construction Projects

Failure to meet the deadlines for the implementation of investment-construction projects is a problem in all countries of the world and leads to unstable activity of construction companies. This article studies the most important destabilizing factors affecting the main indicator of sustainable activity of construction companies, i.e., the duration of the implementation of an investment-construction projects. To determine and assess the impact of destabilizing factors on the duration of implementation of selected investment-construction projects, a survey was conducted in which a number of customers, consultants, and contractors involved in construction projects took part. Questionnaires developed on the basis of a cluster sample were sent to respondents, and 84 responses were received in response to the assessment of destabilizing factors. To analyze the received and grouped information, structural equation modeling using the Smart-PLS program was used. As a result of modeling, a number of results were obtained, the most important of which was the identification of the main reasons that lead to an average (20–50%) increase in the duration of projects in the construction sector. The most significant was the lack of an appropriate procurement program for materials; inefficient scheduling by contractors and instability of construction production, poor-quality processing of incoming information, and untimely decision-making due to changes in projects during their implementation. Destabilizing factors contribute to an increase in the duration of construction sector projects, which leads to time overruns, cost overruns, and an increase in the negative impact on the overall use of resources. As a result of the study, a set of recommendations was formed, the most important of which is the use of possible compensatory measures that can allow construction companies to eliminate the risks of disrupting construction deadlines for sustainable activities. These compensatory measures include: 1. recommendations to customers of the construction project, 2. recommendations to contractors, and 3. recommendations to the consultant. Moreover, the control of destabilizing factors that can cause delays, the improvement of contracts, and the precise and clearer definition of all elements of the project can help to reduce the duration of construction, and will allow companies to maintain sustainable activities in the construction industry.

Mortgaging a Residential Construction Investment Project: Comparison of Vietnamese and Chinese Law

Objective: The primary objective of the analytical review was to conduct a comparative analysis of the residential construction investment project mortgaging laws in China and Vietnam. The aim was to examine the existing legal frameworks associated with residential mortgages in the two countries and the analysis of areas of similarity, differences, strengths, flaws and drawbacks. The research further evaluates how the mortgage rules protect borrowers and identifies the existing strengths and weaknesses and the systems, and provide the necessary recommendations. Methodology: The review adopted the form of a summary of the existing state of the current laws and regulations associated with the topic of research by combining reference to primary sources including legislation, existing court cases with reference to secondary sources including handbooks, policy papers and most recent journal articles. Findings: Both China and Vietnam have definitive laws which outlines the registration processes of mortgages for residential project construction projects. In China, the registration of mortgages is outlined by Article 388, 395, 400 and 402, Civil Code and Article 2, Real estate Registration Regulation 2019. In Vietnam, the registration of residential real estate mortgage is governed by Article 317, 318, 320-324 of Civil Code 2015 and MOJ Circular 07/2019/TT-BTP. Existing similarities and differences in the parties’ rights and obligations in relation to mortgaging residential real estate projects. Significant differences in terms of the legal aspects of taxes and fees on mortgaged residential property in China and Vietnam. Conclusions: China and Vietnam have witnessed varying levels of changes of property mortgage regulations attributed to the rising housing and mortgage finance needs. The two countries have recorded a wide range of reforms and changes to the law and regulations that govern the mortgaging a residential construction investment project.

Real estate product manager role

The methodology of creating, supporting and implementing investment projects in construction has undergone many changes, from the use of industrial technologies of the late 20th century with strict compliance on standards of livability to the analogues of foreign premium projects with bright advertising slogans. Currently, development is experiencing the need to form a holistic image of the product, precisely tailored to the needs and interests of the end consumer. Similar to the project management in IT and FMCG sectors, there is a demand in real estate development for a new role unit - product manager or a productologist. The article provides a rationale for the proposed functional model of a specialist who will give a new impetus to development companies and enrich the benefits of development projects with exactly those values which form a comfortable and environmentally friendly urban environment.

A General Framework for Sustainability Assessment of Buildings: A Life-Cycle Thinking Approach

Construction is a manufacturing industry that consumes substantial amounts of natural resources, human resources, and social capital. Activities that occur during building construction and utilization negatively impact the environment and have direct and indirect impacts on the surrounding community and society. Properly assessing the sustainability of buildings is critical to the pursuit and achievement of sustainable development goals. Also, construction project decision-makers and stakeholders currently lack an effective tool for comparing the relative sustainability of different materials, design approaches, construction methods, and building operation alternatives. Thus, an integrated framework for assessing building sustainability in terms of environmental, economic, and social aspects is developed and proposed in this paper based on life cycle thinking. This framework is applicable to different building types and life-cycle assessment scopes and provides a practical tool for construction investment project stakeholders to reference, implement, and use to guide the decision-making process. This framework may also provide a reference for other researchers in the construction field to develop sustainability assessment models optimized for different types of construction projects.

Develop Proactive System for Risk Management (DPSRM) for Lagging Investment Project in Iraq.

To finalize any construction investment project, it would be necessary to identify the most significant problems and obstacles that lead to project reluctance and stalling. Unexpected events and conflicts may have disrupted these strategies and impacted project development. Due to the high initial investment costs of construction projects, crises can have an immediate impact, resulting in significant financial losses. The 2014 financial crisis was one of the most prominent crises that Iraq faced, which prompted the researcher to identify and evaluate those obstacles through this research and questionnaires using Pareto scientific theory to exclude factors that do not contribute to project lag. It was discovered that 28 obstacles contribute to project lag before and during implementation. Solutions are obtained by soliciting expert opinions and using the Delphi technique to reach a consensus and a software system to create a proactive plan to reduce and overcome these challenges.

EFFICIENCY OF INVESTMENT PROJECTS OF URBAN CAPITAL CONSTRUCTION OF REAL ESTATE IN MODERN ECONOMIC CONDITIONS

The main methods for assessing the effectiveness of investment projects of urban capital construction of real estate in modern economic conditions in the presence of inflationary processes are discussed. It shows a fundamental change in approaches to assessing the effectiveness of real estate of state property, which is associated with the cost of designing, construction, maintenance and operation of facilities, including their disposal, as well as received benefits or income, taking into account inflationary processes that exist in the modern Ukrainian economy. The analysis of the cost and expenses of the real estate object was carried out in the framework of its life cycle concept. The basic informational and methodical problems are shown and the ways of their solution concerning the introduction in Ukraine of the reasonable scientific method of the life cycle cost estimation when creating and operating the real estate objects of city capital construction which are in the state property are offered.

On possibilities of improving labor safety by improving forms and methods of managing labor behavior (on the example of large investment construction projects)

The current possibilities of improving the labor safety of employees in the industrial and transport sectors by improving methods for managing the labor behavior were analyzed. Russian and foreign theories of managing the influence of the human factor on the labor process and result were described. The “resources processes values” system of the concept of organization management was analyzed. Using this system, possibilities of applying a value-oriented approach to improving the efficiency of the applied methods and practices were determined. On the example of managing a large investment construction project, the main value constants of employees were identified; the relationship of values and needs were investigated; the most widely used formats of development of common values of employees changing their labor behavior were systematized; their effectiveness was assessed. Directions for further research on improving the effectiveness of methods for managing the influence of the human factor on the process and result of production activities were determined. The ideological foundations for creating labor safety culture were provided.

Investment process and the ways to reduce the duration of investment construction projects

The urgent task of the state is to intensify investment activities and significantly increase the volume of investments.
 The general legal, economic and social conditions of investment activity on the territory of Ukraine are defined by the Law of Ukraine "On Investment Activity", which is aimed at ensuring equal protection of the rights, interests and property of subjects of investment activity regardless of the forms of ownership, as well as at effective investment of the economy of Ukraine. development of international economic cooperation and integration.
 The investment process means constant and growing investment of capital in material production for the purpose of successful social and economic development of Ukraine. For construction, the investment process means the creation of specific objects (or their complexes) for production and non-production purposes in the interests of specific investors (investor). The investment process consists of the implementation of separate investment construction projects (ICP). Each ICP is characterized by the duration of the life (or investment) cycle, which is measured by the interval of calendar time from the date of making the investment decision to the moment when the project goal is achieved. There are three stages of this cycle: justification of the idea and planning of investment, development of funds, reimbursement of invested funds or achievement of the project goal.
 The article examines the main, key procedures of each stage, which emphasize the importance of solving the financing issue, since the full set of procedures depends on the scope of the project. Reducing the duration of the investment cycle of a construction project depends on the intensification of each of its stages. The main factors affecting the reduction of the duration of each stage of the investment cycle of the construction project are given.
 The results of the conducted research should be taken into account in the further improvement of the legislative acts of Ukraine in order to activate investment activities and significantly increase the volume of investments in Ukraine.

Improvement of organizational and technological tools for assessing the effectiveness of construction and investment projects

The main principles and approaches to construction planning and production organization are taking into account the dependencies between the terms of project implementation and its cost. The basis of this methodology for determining the effectiveness of the implementation of construction projects is the methods and methods by which the participants of the construction and investment process determine the duration and cost of construction during tenders at various stages of organizational and technological development.
 The effectiveness of improving these methods essentially depends on how fully they take into account the specific features of the management-control, organizational-technological, and financial situations in which the construction will be carried out.
 A very wide and diverse list of factors can affect the structure and indicators of construction projects. Among them, for example, the relative remoteness of the main suppliers of resources from construction sites, the underdevelopment of the construction industry in some regions of the country, the influence of climatic factors on the productivity of labor, other powerful influence of elements of the external environment and the impact on project results in existing models and methods. As a result, we have a real duration of construction higher than the proposed one.
 This is especially relevant in conditions where improving the efficiency of capital investments in construction projects requires finding organizational and management tools to increase the level of economic relations in construction, strengthen contractual discipline, and increase the economic responsibility of builders and customers for the final results of construction projects.
 Implementation of construction projects is associated with high costs. In order to effectively use existing methods of construction planning and production organization in the established economic conditions, to have a positive impact on the acceleration and efficiency of construction, it is necessary to add methods that take into account the existing specific features of the construction industry. The need to create a certain toolkit for solving tasks related to increasing the efficiency of construction projects, minimizing the duration of projects and maximizing profit, taking into account organizational, technological, economic factors and elements of the external environment, determines the relevance of this scientific research.

A web-based system to determine risk of investment in international rail construction projects

Manual evaluation of investment risk make results and solutions are not timely. The objective of the study is to explore intelligent risk data collecting and risk early warning of international rail construction. First, this study has identified risk variables by content mining. Second, risk thresholds are calculated by the quantile method based on data from 2010 to A.D. 2019. Third, this study has developed risk early warning system by the gray system theory model, the matter-element extension method and the entropy weight method. Fourth, the risk early warning system is verified using Nigeria coastal railway project in Abuja. This study found that: (1) the framework of the developed risk warning system contains a software and hardware infrastructure layer, a data collection layer, an application support layer, and an application layer. (2) 37 investment risk variables are recognized; (3) 12 risk variables thresholds intervals are not equally divided between 0 and 1, the others are evenly distributed; (4) based on the application of Nigeria coastal railway project in Abuja, the system verification results are consistent with real situations, which is shown that risk early warning system is reasonable and feasible. These findings offer a good reference for intelligent risk management.

PHÁT TRIỂN CƠ SỞ DẪN LIỆU KIỂM TOÁN BÁO CÁO QUYẾT TOÁN DỰ ÁN HOÀN THÀNH DEVELOPMENT OF AUDIT ASSERTIONS COMPLETED PROJECT FINAL REPORT

In general, auditing construction investment projects or completed projects finalization reports, in particular, are performed by independent auditors and State Auditors for projects using public capital investment. However, no specific guidelines exist for identifying audit assertions and corresponding audit procedures. The study surveys the audit status of the completed project management report to propose the related audit procedures for each assertion in the final settlement report's audit on the project's completion. The research method inherits the approach in auditing financial statements to develop audits of completed projects' finalization reports. Keywords: Investment project audit, Finalization report of completed projects, audit approach, compliance audit JEL Classification: M40, M42, M49

Analysis of Change and Driving Factors of River Environmental Quality in China from 2002 to 2020

According to the river environmental quality, pollutant emission, and investment in environmental pollution control from 2002-2020, the change law and driving factors of river environmental quality in China were evaluated using canonical correlation analysis and the Spearman correlation coefficient to analyze the influence between environmental and pollutant emission/investment in environmental pollution control. The results indicated that the river environmental quality was improved significantly based on the proportion of Class Ⅰ-Ⅲ increasing from 29.1% to 87.4% and the proportion of inferior Class Ⅴ decreasing from 40.9% to 0.2% from 2002-2020. The emission of wastewater and domestic wastewater increased from 4.395×1010 tons and 2.323×1010 tons to 8.491×1010 tons and 6.598×1010 tons, respectively. However, emissions of industrial wastewater decreased from 2.072×1010 tons to 1.680×1010 tons. Investment in environmental pollution control increased from 110.66 billion yuan to 1063.89 billion yuan. The proportion of Class Ⅰ-Ⅲ in seven major river basins, river basins in Zhejiang and Fujian, southwest river basins, and northwest river basins showed a negative correlation for industrial pollutant emissions and a positive correlation for investment in environmental pollution control. The primary measure for the seven major river basins, river basins in Zhejiang and Fujian, and northwest river basins cut down the industrial pollutant emissions, in the order of COD>NH4+-N>total wastewater. The primary measure for southwest river basins increased the investment in environmental pollution control, in the order of industrial investment in environmental pollution control>urban environmental infrastructure construction investment and environmental protection investment in construction projects. These results can provide theoretical and policy suggestions for the improvement of river environmental quality during the "14th Five-Year Plan" period.

Optimization in Construction Management Using Adaptive Opposition Slime Mould Algorithm

The purpose of this research study is to solve a four-objective optimization problem in the construction industry using a hybrid model that combines the slime mould algorithm (SMA) with opposition-based learning. This hybrid model is known as the adaptive opposition slime mould algorithm (AOSMA). Two typical construction projects have introduced time, cost, quality, and safety trade-off (TCQS), which are the factors that have the greatest influence on the completion of a construction project and are represented by optimal results and obtained at Pareto, in order to better illustrate the potential of the proposed model. In order to compare AOSMA with a nondominated sorting genetic algorithm III (NSGA III), multiobjective particle swarm optimization (MOPSO), LHS-based NSGA III, and a hybrid model of MAWA (MAWA-TLBO, MAWA-GA, MAWA-AS, and MAWA-ACS-SGPU) and to assess the model’s potential and viability, performance evaluation indexes are applied. To assist project managers in planning time, cost, quality, and safety for construction investment projects, this study creates a hybrid model.