Construction Investment Projects Research Articles

Construction Work Tasks Duration: Pessimistic Scenarios Based on PERT Method

The article deals with the practices of how to estimate pessimistic scenarios of construction tasks duration which are based on latent regularities of space-time and space-cost analogies. It is presented herein that planned values of tasks duration are sufficient to be used for optimistic scenarios development. But in case of pessimistic duration it is necessary to consider planned durations and starting points of work tasks, as well as such a discount rate which is used to estimate economic efficiency of an investment construction project under study.

System Building of Supervision for Construction Engineering Quality under the Perspective of Life-Cycle

On the basis of construction engineering quality management and the whole life cycle theory as well as the related theories to value chain, this paper explores the main issues of the construction engineering quality supervision in whole life cycle from the construction project investment decision-making, preparation phase, implementation, completion acceptance and operation phase under the perspective of whole life cycle, and builds construction engineering quality supervision in whole life cycle system which gives priority to the government regulatory system with social supervision as supplement by defining the obligations of each other. The system is expected to comprehensively improve construction quality.

Assessing reliability of design, construction, and safety related decisions

Abstract Currently there is no approach which would help to comprehensively ensure occupational safety. Many scientists perform researches and calculations, create new methods related to safety and health, but most of them analyze separate aspects of safety in the field of construction. The authors of this paper present a new complex view on ensuring occupational safety and health during construction. The selection of safety solutions is performed based on complex evaluation of structure, technology and safety. In their previous works, the authors offered a new method for multiple attribute decision synthesis, SyMAD-3, which helps to choose an effective construction project alternative from multiple alternatives by assessing various construction, technological and occupational safety solutions, based on a set of quantitative attributes. However, the integration of these solutions may cause doubts, since decision making in construction is always associated with uncertainty. The investment projects in construction are characterized by the large accuracy variation (from 15 to 50%) of some attribute values. Although the SyMAD-3 method is mathematically grounded, it does not answer the question if the error of attribute values impacts the final decision and if this decision can be reliably assessed. In the present paper, the authors supplement the SyMAD-3 method with decision sensitivity analysis (SyMAD-3 with SA) to improve the reliability of the SyMAD-3 method and assess the reliability of the obtained decision. The SyMAD-3 with SA method allows us to choose an effective alternative of a construction project by assessing three stages of construction, based on a set of attributes given the error of their values, and determine the reliability of the final decision. The proposed method is implemented in a software package created by the authors with the aim of analyzing decisions and performing experimental calculations in the field of construction.

Particulars of Risk Determination for Investments in NPP Construction Projects

An important element in making decisions about choosing a preferred NPP project is the evaluation of the economic risk associated with macroeconomic uncertainty. Different parameters can be used to classify the risks that must be taken into account when calculating the efficacy of building a NPP. They must be viewed as the quintessence of the general, investment, and project risks considered in conventional power generation projects as well as specialized risks inherent in nuclear power. A method of cumulative quantitative determination of the risks of such projects based on global experience is presented here. It can improve the existing approaches to the calculation of the main economic indices of NPP construction projects.

The Integrated Regulatory Philosophy of Non-Profit Public Investment Construction Projects in China

The inefficiency regulation on non-profit public investment construction projects (NPICP) is an important problem to puzzle Chinese government who wants to search for a scientific regulatory system. It is the complexity of regulatory system that causes the inefficiency. In order to deal with this problem, the integrated management philosophy was put forward to reduce the complexity and increased transparency. Then we designed the three dimensional integrated regulatory mode according to the regulatory principles. The system operation was emphasized on discussing the implementation procedures, designing operation procedures. This model may provide a new perspective for optimizing government regulatory mechanism.

Classification of the types of risks in the implementation of investment projects for construction of residential real estate

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Analysis of Electrical Engineering Project Management in Construction

Project management, an important branch of management science, has got an increasing attention in various countries. Investment efficiency, social benefits, environmental benefits are affected by the quality of the construction investment projects. With the rapid development of industry and intelligent buildings, electrical engineering will become more and more useful and important. This thesis based on the engineering practice gives a systematic analysis of the role and significance of electrical engineering project management in construction.

Providing investment attractiveness of renewal and development of fixed assets in the energy sector

The purpose of research is a comparative analysis of economic mechanisms for the realization of investment projects for new construction and modernization power generation capacity in the energy sector and their effect on private investment. In this connection, planned and actual volumes of generating capacity, particular features of the industry, causing investment attractiveness are discussed. The necessity of using, and a comparison of primary economic mechanisms in order to guarantee the return of investments in the new construction and modernization of power generation capacity is shown. The method of calculating the tariff under the agreement of supply power capacity is analyzed. The study proved that the presence of an effective working mechanism of return on investment is a key element influencing the investment in new construction and modernization of power generation capacity. Also, it is shown that with the end of using agreement of supply power capacity, industry will face a significant reduction in investment. In this connection, it is recommended to speed up the formation of long-term capacity market, which involves the application of new investment incentives in the industry. The research results can be applied by investment banks, and other stakeholders as a methodological apparatus assessing investment and whether to participate in their financing.

Urban and Rural Logistics and Distribution System Based on Supply and Marketing Cooperatives

China is a vast country with 800 million farmers. An amelioration of their general living condition is a pressing issue. In China, it is not uncommon to encounter lower grain price due to the delays in their transportation. There are many reasons for the low living standards in rural areas, the obsolete rural logistic system, especially regarding agricultural products, is obviously one of them. Recently, to improve logistics development conditions of China's agricultural products, every levels of government increased rural logistics investment in construction projects; however, there are still delay issues from the productions centers to the urban areas. This paper looks the breaks in the logistics chain by studying the current distribution style, and proposes logistics system based on supply and marketing cooperatives in order to improve the existing system.

Some Suggestions for China Construction Project Investment Control Present Situation Based on FIDIC Contract

FIDIC contract terms content is quite widespread, it cover project management, technology, economy, law, insurance and so on. It is a normative document been revolve around construction project consultation and management. FIDIC made very detailed regulations to construction management three fields (investment control, quality control and progress control) from law, management, economy, technology and other fields. FIDIC had been became internationally recognized standardization document. It could be use every stage of construction management. This paper through analyze FIDIC contract and combine current construction management state,finally give some advices for construction management.

Reengineering In Construction Industry “EXPERT PROJECT GROUP” AQUIREMENT APPROACH FOR RE-ENGINEERING CONSTRUCTION PROJECT PROCESSES

The existing problem in the construction industry, i.e. owner or client dissatisfaction in terms of prolonged delivery times, exceeded budgets and the non-attainment of quality standards. Real problems were substantiated by the emphasis on contractual responsibilities and risks. Construction investments are generally believed to be expensive. When contractual processes are in disarray, owners’ risks become bigger and more likely. It is obvious that owner dissatisfaction and its links to contracting and procurement processes need to be explored described and discussed. Hence, it focuses on the means of reducing owners’ investment and contractual risks in construction projects through the re-engineering of contracting processes.

Study on Management Control Auditing on Construction Project

Management and auditing of construction project, which is a certain trend of management development of modern construction project, is a new theory in audit practicing of construction project and an effective way to work out at the highest degree the returns on construction project investment, improve construction project management performance levels, avoid at the highest degree redundancy of construction projects and eliminate waste of resources. This essay points out the importance of the use of management auditing in construction projects based on the analysis of disadvantages in conventional construction projects management. And it builds up frame for management auditing of construction projects, puts forward performance evaluation methods of management control auditing.

Feasibility of verbal analysis application to solving the problems of investment in construction

In project development it is hardly possible to get exhaustive and accurate information. As a result, the situations occur, the consequences of which can be very damaging to the project. Inaccurate evaluation of the strategy related to capital investment and project implementation is one of the reasons why such estimates are not required in practice. Instead, classification approaches may be used for this purpose. Contractors of international construction projects are often faced with complicated situations working in the conditions of uncertainty in construction. One of the potential risk factors is associated with the requirements of contract conditions. One of the major aspects is project or contract management. Project developers need various models of large and complex projects' management. The suggested method for evaluating contract effectiveness may be successfully applied at one of the stages of project management. This paper presents methods of multiattribute comparative analysis (CLARA and UniComBOS methods) of variants of classified investment risks and contract alternatives in investment and building projects of construction. A practical case illustrating the work of the methods is presented.

Study of Real Options with Exogenous Competitive Entry to Analyze Dispute Resolution Ladder Investments in Architecture, Engineering, and Construction Projects

Architecture, engineering, and construction industry participants often find it pragmatic to implement a project-specific dispute resolution ladder (DRL) as a managerial tool to assist in the prompt resolution of claims and change orders (CCOs) that might arise during the project construction phase. This project-specific DRL consists of a single or multiple alternative dispute resolution (ADR) techniques that require capital expenditures to cover the expenses incurred by the owner’s/contractor’s employees and third-party neutrals. If a project-specific DRL is properly chosen, then the capital expenditures are outweighed by the expected benefits from the DRL implementation; namely, prompt resolution of the CCOs without incurring excessive cost overruns on an already financially stressed project budget, as well as avoiding the escalation of the claims to a dispute that requires long protracted litigation for final settlement. Typically, the decision as to which ADR techniques to include in the project-speci...

The local politics of the global countryside: boosterism, aspirational ruralism and the contested reconstitution of Queenstown, New Zealand

This paper examines the local politics through which the reconstitution of rural localities under globalization is advanced and contested, with particular reference to the impact of international amenity migration. It contends that as globalization proceeds not by domination but by hybridization and negotiation, local politics is critical as the sphere in which the outcomes of globalization processes are interpreted and contested. The paper examines the case study of Queenstown Lakes district in South Island, New Zealand, as a locality that has experienced significant transformation through engagement with globalization processes. These include high levels of international amenity in-migration, substantial overseas investment in property, commerce and construction projects, and an increasing volume of international tourists. Collectively, these processes have contributed to rapid population growth and intensive pressure for the development of rural land in the area. As detailed in the paper, land use planning became the dominant issue in local politics, with conflict between groups informed by ‘boosterist’ and ‘environmentalist’ stand-points, as well as the ‘aspirational ruralism’ of amenity in-migrants. Although locally-grounded, the conflict engaged trans-local actors and networks and transgressed space and scale, thus becoming itself an expression of globalization.

Estimation of increased regional income that emanates from economically justified road construction projects

This article identifies the possible development benefits than can emanate from economically justified road construction projects. It shows how the once-off increase in regional income resulting from investment in road construction projects, and the recurring additional regional income resulting from the use of new or improved roads can be estimated. The difference is shown that exists between a cost-benefit analysis (to determine how economically justified a project is) and a regional economic income analysis (to estimate the general economic benefits that will be developed by investment in and usage of a road). Procedures are proposed through which the once-off and recurring increases in regional income can be estimated by using multiplier and accelerator analyses respectively. Finally guidelines are supplied on the appropriate usage of input variables in the calculation of the regional income multiplier.

DETERMINATION OF EFFICIENCY OF INVESTMENTS IN CONSTRUCTION

Decision making is associated with ranking problems aimed to obtain a set of preference order of solutions. People can make mistakes choosing the best object for investments. Due to high cost of such mistakes, such a choice should be well founded. A major goal of paper is to develop a theoretical basis for creating a decision support system aimed to increase building construction and reconstruction investment efficiency by applying multiattribute decision making approaches and mathematical modelling. To achieve the goal, the following problems have to be solved: to analyse new models currently used in developing investment strategies in building construction and reconstruction, to make a classification of construction investment projects and to describe the stages of determining the efficiency of construction investments, to create a family of multiattribute decision methods to be used in the analysis of investment projects in building construction and reconstruction, to create multiple attribute decision support system based on the multiattribute methods developed for determining the efficiency of construction and reconstruction investment projects.

Determination of efficiency of investments in construction

Abstract Decision making is associated with ranking problems aimed to obtain a set of preference order of solutions. People can make mistakes choosing the best object for investments. Due to high cost of such mistakes, such a choice should be well founded. A major goal of paper is to develop a theoretical basis for creating a decision support system aimed to increase building construction and reconstruction investment efficiency by applying multiattribute decision making approaches and mathematical modelling. To achieve the goal, the following problems have to be solved: to analyse new models currently used in developing investment strategies in building construction and reconstruction, to make a classification of construction investment projects and to describe the stages of determining the efficiency of construction investments, to create a family of multiattribute decision methods to be used in the analysis of investment projects in building construction and reconstruction, to create multiple attribute...

From client to project stakeholders: a stakeholder mapping approach

In contemporary management theory and practice the rise and role of stakeholders as major players in organizational dynamics are widely recognized and recorded. This pluralistic view of the identity of those who have an investment and an interest in an organization extends well beyond the traditional concept of shareholders to include employees, suppliers, customers, trade unions, communities, etc. The concept of stakeholders has been applied to projects in general but has not, to date, been extended to the context of construction projects although it is accepted that the traditional view of the client as a single entity does not reflect the reality of stakeholder configurations for most projects. Different stakeholders have different levels and types of investment and interest in construction projects and can be seen as multiple clients or customers for the project in which they are involved. This paper argues that the concept of client, which has prevailed throughout the twentieth century, is now obsolete and is being replaced by the reality of project stakeholders. A novel application of the technique of stakeholder mapping to a large construction project demonstrates the importance to project managers of conducting the analysis of the power, predictability and interest of key project stakeholders.

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In most cases, undesirable events and processes that occur during the implementation of investment-construction projects have either financial reasons or significant consequences affecting the flow of financial resources, which seriously affect the efficiency of the investmentconstruction project. In the introductory part of the article, the importance of the classification of risks that may arise during the implementation of investment-construction projects is justified, then the approaches to their identification methods are examined and their grouping is given in terms of the simplicity and accuracy of risk management. Here, special and speculative risks and their possible consequences are explained in detail, and recommendations are made in this direction in the conclusion section.