Construction Investment Projects Research Articles

Organizational and managerial methods of monitoring the implementation of investment projects in construction

Organizational and managerial methods of monitoring the implementation of investment projects in construction

System parameterization of the budget model of investment construction project

This article reviews the definitions of budgeting and budget model, their role in cost management of investment construction projects, and the subject field of budget modeling of a project. The author indicates the relevance of implementation of budgeting in management of investment construction projects, as well as the factors of low efficiency of this process. The subject of this research is the system variables of the budget model: functions, content, structure, levels, quantitative and qualitative indicators, standards, methodological and analytical parameters, and financial modeling processes. The peculiarity of the subject of research lies in systematicity, need for consolidation of budgets in various aspects, and compatibility of the local budget models for creating a reasonably universal system for supporting managerial decision-making. Description is given to the basic methodological provisions of the development of budget models of investment construction projects. This article is first to elaborate on the analytical parameters of budget modeling of investment construction projects, as well indicate various parametric levels in reference to each other. The author develops the financial planning processes and the pattern of project budgeting, as well as adapts the cybernetic principles of “input – output”. It is suggested to use a special accounting scheme in the budget model of the project, which is based on the managerial accounting policy approved by the subject. For achieving compatibility of the methods of financial administration, the author offers to coordinate the cost pool in estimates and budgets, maximal expenditure accounting, reduce scheduling uncertainty, and consider dynamic factors. The budget model is viewed as an input parameter of cost control over the investment construction projects. The vectors of further improvement of budgeting of investment construction projects are proposed.

APPLIED SUBSYSTEM OF ANALYTICAL SUPPORT OF INSTITUTIONAL PARTICIPANTS IN THE IMPLEMENTATION OF PPP PROJECTS IN CONSTRUCTION

Public-private partnership enables the state and the private sector to obtain mutual benefit by combining financial, managerial, technological resources, combining solutions to socially significant problems of the country's socio-economic development with the achievement of the interests of business and society. The optimal option for the implementation of PPP can be achieved only in the case of: a) a thorough study of the processes of accumulation of the strategic potential of the Ukrainian economy; b) improving the structure and content of the economic mechanism for the implementation of intersectoral interaction and its basic components; c) a combination of various approaches to modeling the development of construction production and construction enterprises in order to predict its targets based on the results of the restructuring of the Ukrainian economy; d) conceptual and methodological comprehension of the target functionals of state regulation of intersectoral interaction both within the framework of the national economy and the economic system of the state as a whole; e) development and implementation of objective qualimetric tools for diagnosing the potential for increasing production capacities, as well as opportunities for mobilizing and rational use of the potentials of the systemically universal functioning of PPP in order to achieve high competitiveness of construction enterprises in the implementation of PPP projects. The article determines that both the theoretical and methodological basis for the implementation of construction projects based on PPP, and specific organizational and structural mechanisms for managing such projects, need to be improved. The existing developments in economic science and practice on the implementation of PPP and commercial concession mechanisms do not reflect the industry specifics of contract construction and the complexity of the life cycle of a construction investment project based on PPP.

Green building investment control system based on a three-dimensional parametric model of the green building

Investment in construction projects is a rather complex process. The customer of construction product, as a rule, is also its investor and for him the systematization of information about the construction process is a necessity. Construction investment control (CIC) is an integral part of the building construction process. Such control is a separate service that is necessary for the customer to objectively understand the installed work volumes and forecast deadlines. Completed construction and installation works are confirmed by acts of acceptance of the completed works, which are subsequently the basis for payment for the work done. In this paper, we developed a methodology for managing investments in construction, as well as their control using modern BIM technologies. The effectiveness of using 3D modelling in investment control was demonstrated on the example of a residential complex. In addition, the volume of work obtained from the 3D-model was compared with the volume of work calculated manually. As a result, the exact amount of work and schedules for forecasting investment of funds were obtained.

The risk assessment of construction project investment based on prospect theory with linguistic preference orderings

Multiple experts decision-making (MEDM) can be regarded as a situation where a group of experts are invited to provide their opinions by evaluating the given alternatives, and then select the optimal alternative(s). As a useful linguistic expression model, linguistic preference orderings (LPOs) were established in which the order of alternatives and the relationships between two adjacent alternatives are fused well. Considering that prospect theory has the superiority in depicting risk attitudes (risk seeking for losses and risk aversion for gains) during the uncertain decision-making process, this paper develops a consensus model based on prospect theory to deal with MEDM problems with LPOs. Firstly, each LPO provided by expert is transformed into the responding DHLPR with complete consistency. Then, the reference point of expert is determined and the prospect preference matrix is established. Moreover, we can obtain the overall prospect consensus degree for a MEDM problem by calculating the similarity degree between individual and collective prospect preference matrix. Furthermore, a consensus improvement method is developed to complete the consensus reaching process. Finally, we apply the proposed method to deal with a practical MEDM problem involving the construction project investment, and make some comparative analyses with existing methods.

An enquiry into Investment Control of Engineering Projects

The relatively weak link in the current construction project management is the project investment control. There is often a lack of accurate investigation beforehand and the lack of real investigation data, resulting in the lack of authenticity of the investigation report, and it is difficult to calculate the investment spent on the project. Engineering projects are prone to investment risks and cause unnecessary losses. Construction project investment is related to the future development trend of the construction industry. In order to adapt to the development needs of the society, this article discusses current engineering projects from the four key aspects of project investment control—optimized design, good bidding, scientific management, and strengthening of audits. There are problems in the investment process, and the corresponding investment control strategies are discussed. The research conclusions show that these four key aspects play a very important role in engineering project investment control.

ShiTouzhai hydropower station hub layout pattern comparison research of pre-feasibility study stage

The selection of the layout scheme is the key content of the pre-feasibility study of large and medium-sized hydropower stations. Based on the topographical and geological conditions, and considering the construction conditions, reservoir flooding, project investment and other factors, this paper makes an in-depth analysis of the layout comparison and design of the pre-feasibility stage of Shitouzhai Hydropower station, in order to provide beneficial inspiration for similar project design.

Automated identification of construction works and structural elements at an early stage of investment and construction projects’ implementation

The article discusses the issues of construction objects pricing in terms of the formation of certain types of costs and an analysis of their interrelationships based on the generated data bank of design and estimate documentation of implemented state investment construction projects. Special attention is paid to the research of the impact of changes in design solutions on the cost of construction. Approaches to the reorganization of the established design technology are proposed. These approaches use automated identification of construction work and structural elements based on the method for assigning criteria for the selection of building structures that are supposed to be erected around the technological space specified by the customer. The selection criteria established in this way assist designers in finding optimal design solutions for the subsequent development of working documentation.

ИССЛЕДОВАНИЕ ПРОБЛЕМ УПРАВЛЕНИЯ ГЕНЕРАЛЬНЫМ ПОДРЯДОМ СТРОИТЕЛЬСТВА ОБЪЕКТОВ НА ОСНОВЕ BIM-ТЕХНОЛОГИЙ В КНР

In recent years, the global construction market has been developing rapidly. In particular, China's construction industry is becoming more mature. BIM technology is being widely implemented for the implementation of investment and construction projects (ISPs), the effectiveness of which has also increased in the construction industry in China. BIM technology covers the entire life cycle of an ISP, but, at the same time, rarely includes the processes of managing contracts and costs of construction projects. Consequently, the issues of timeliness of the current contract, medium-term payment and other important aspects were not resolved in the ISP. Thus, many scientists and experts in China and abroad have proposed to study the general construction contract management model based on the BIM model platform to solve the problems of performing general contracts and related contract management issues. This article uses the method of literature review in combination with the analysis and research of construction projects in China through the study of the current state of general contracts and the application of BIM technology in contract management. Warranty conditions for the use of BIM technology are put forward, a model for monitoring the construction period of an object based on BIM technology is established, and a system for exchanging information in contractual relations based on BIM technology and the IPD model is established. All of the above establishes a model for managing an investment construction project based on BIM technology and the IPD model. A basic model of the remuneration mechanism for the implementation of ICP in the IPD model is also proposed. The results of the analysis of the implementation of investment and construction projects and the use of BIM technology show further prospects for its development when implementing ICP in the IPD model.

Региональная эффективность инвестиционного проекта по строительству автомобильной дороги и проблемы еѐ оценки

Региональная эффективность инвестиционного проекта по строительству автомобильной дороги и проблемы еѐ оценки

Factors affecting the competition of an irrigation construction project using state budget funds

The objective of this paper is to evaluate factors affecting the progress of completing construction of irrigation projects using state budget funds. To achieve the goal, to research and conduct surveys of investors, contractors, managers of irrigation construction investment projects. Analysis results from 269 valid questionnaires using SmartPLS 3.6 software showed that all 6 factors: Investor, Peripheral, Capital, Contractors, Consultant, Convenience, all factors have a positive impact on progress of completing irrigation construction projects using state budget funds in Thai Binh province, Vietnam.

Structure of realised risks of projects for construction nuclear power plant by Rosatom State Corporation in 2010-2020

Rosatom State Corporation is one of the world leaders in the construction of nuclear power plant (NPP), keeping a ten-year portfolio of foreign orders at the level of 140 billion $. Taking into account the long period of construction nuclear power plant, significant amount of capital investment, significant number of participants investment-construction project, critically important for constructer organizer to identify and consider possible risks of project implementation in time, developing and improving its management mechanisms. As a part of research risk analysis and systematization was performed, realized in the construction of nuclear power plants by domestic specialist in 2008-2020 (Novovoronezh NPP-2, Rostov NPP, Kursk NPP-2, Belarussian NPP, NPP Kudankulm, NPP El-Dabaa, NPP Akkuyu, NPP Rooppur, NPP Paksh-2). Based on the analysis formed 8 risk families, determined shares of these groups in general registry. The revealed structure of realized risks demonstrates, that the largest share in general registry is made up of technical and organizational risks, which are systematically given insufficient attention by researches and construction organizers. Conducted research also allows us to draw a conclusion about the most common risk concerning late detection of complex conditions of the object placement site, which was implemented in five projects out of nine considered. The results of the accomplished research can be used in the development of modern nuclear power plant construction projects in Russia and abroad, which will have a positive impact on the competitiveness of domestic projects in the global nuclear power plant market and increase their profitability. The experience of nuclear power in terms of risk management can become a driver for full-scale improvement of organizational and technological approaches in the construction of unique buildings and structures in the future.

THE STATEMENT OF THE PROBLEM OF DEVELOPING THE METHODOLOGICAL BASES OF INFORMATION MODELING OF THE COST ESTIMATION PROCESS FOR THE OPTIMIZATION OF DESIGN WORK

The article is devoted to the justification of the relevance of the development of information modeling technologies in the construction industry. The article discusses issues related to the use of BIM technologies in domestic and foreign practice, and presents examples of objects constructed using BIM technologies. The analysis of the research subject area of information modeling, the relevance of the issue of using BIM technologies at the stage of design work and the development of estimate documentation, as well as algorithms, processes and methods for introducing information modeling into the practice of design work, it was concluded that the issue of using information technologies for optimization design work, cost management of construction investment project. The advantages and disadvantages of the developed technologies for applying BIM technologies at the current stage of the practice of developing construction projects are identified. A comparison of the traditional method of estimation documentation and the method based on the use of BIM-technologies is presented. As a result, the purpose and objectives of further research in this subject area have been formulated. Recently, the introduction of information modeling or BIM technologies (Building Information Modeling) is offered to increase the success of construction projects. Thanks to BIM-technologies, the solution to a huge number of tasks arising during the construction process is reduced. However, this technology is new in the construction industry, which leads to the emergence of a large number of contradictions associated with its implementation and application.

Some Aspects of Anthropotechnical Safety Management Concept

The basic model of management and planning strategy is the triad: “goals and objectives” - “conceptual programs, courses of action and sets of rules for decision-making” - “resources”. The strategy is also considered as the unity of five components (“pentad”): plan; sample, model, template; positioning; perspective; “trick”, i.e. a distracting manoeuvre. There are different manners of developing strategies and concepts: upon the fact of a pathogenically detected and already occurred problematic emergency; as a result of predicting the possibility of an emergency before its occurrence and with a desire to guarantee the anthropotechnical safety of functioning and the quality of life of a person, social groups and society as a whole. The destabilizing factors that arise in investment construction projects during the construction phase are of particular importance. The questionnaire-based survey of experts is used to determine these factors, their impact on the ultimate goals of the project that construction participants may encounter when implementing investment construction projects. Distribution of destabilizing factors by type, classification, and spreading them among a number of local public and private enterprises working in the construction sector is one of the important areas of anthropotechnical safety. Actions and resources, which seem safe at the moment, can cause emergencies and consequences in their unpredictable combinations. The study of this problem is an urgent task of the near future and one of the fundamental areas of anthropotechnics.

INFORMATION SUPPORT TOOLS FOR DETERMINING THE HIDDEN DEVELOPMENT POTENTIAL OF URBAN AREAS FOR THE IMPLEMENTATION OF MASTER PLANNING PROJECTS OF INTEGRATED HOUSING

The problems of information support for determining the hidden potential of urban development for the implementation of master planning projects of integrated housing development are considered. To solve the problem, an analytical model of forming a synthetic integrated indicator of the quality level of residential urban area on the basis of consolidated integrated indicators for assessing the comfort of residential urban development, which is proposed to be carried out using the regulatory approach. The initial data, which have a quantitative assessment, are normalized to the indicators of a specially formed template of the normative conditionally comfortable area of the urban area and are used further in the form of relative values – indices. This model of the district of complex urban development on the basis of target and calculated indicators of the general plan of city development is calculated based on the results of statistical analysis of a priori data, for which ten factors are selected that play a major role in forming the synthesized integrated indicator. For convenience of perception of the received estimations all values are resulted in a uniform 10-point scale. To substantiate the choice of land plots and assess their hidden potential, methods of comprehensive assessment of the comfort of urban areas, assessment of return on investment and increase the level of comfort and integrated assessment of the hidden potential of urban areas are proposed. Consolidated integrated indicators for assessing the comfort of residential urban development are defined in two groups: the quality and complexity of urban development, based on which a synthetic integrated indicator – the level of quality of residential urban area (RJMHT). Analytical tools of information support for realization of investment projects of complex housing construction in the form of two algorithms – the account of the hidden potential and formation of the investment program of development of urban territories are offered. The expediency of application of the offered analytical tools of information maintenance for formation of the general plan and the investment program of development of the city in such sequence is shown – an estimation of possibility of realization of the investment project; assessment of the effectiveness of urban development, taking into account their hidden potential; selection of investment projects for their inclusion in investment programs and determination of their priority.

Adaptation of a Cost Overrun Risk Prediction Model to the Type of Construction Facility

To assess the risk of project cost overrun, it is necessary to consider large amounts of symmetric and asymmetric data. This paper proposes a cost overrun risk prediction model, the structure of which is based on the fuzzy inference model of Mamdani. The model consists of numerous inputs and one output (multi-input-single-output (MISO)), based on processes running consecutively in three blocks (the fuzzy block, the interference block, and the block of sharpening the representative output value). The input variables of the model include the share of element costs in the building costs (SE), predicted changes in the number of works (WC), and expected changes in the unit price (PC). For the input variable SE, it is proposed to adjust the fuzzy set shapes to the type of building object. Single-family residential buildings, multi-family residential buildings, office buildings, highways, expressways, and sports fields were analyzed. The initial variable is the value of the risk of exceeding the costs of a given element of a construction investment project (R). In all, 27 rules were assumed in the interference block. Considering the possibility of applying sharpening methods in the cost overrun risk prediction model, the following defuzzification methods were investigated: the first of maxima, middle of maxima, and last of maxima method, the center of gravity method, and the bisector area method. Considering the advantages and disadvantages, the authors assumed that the correct and basic defuzzification method in the cost overrun risk prediction model was the center of gravity method. In order to check the correctness of the assumption made at the stage of designing the rule database, result diagrams were generated for the relationships between the variable (R) and the input variables of individual types of buildings. The results obtained confirm the correctness of the assumed assumptions and allow to consider the input variable (SE), adjusted individually to the model for each type of construction object, as crucial in the context of the impact on the output value of the output variable (R).

Combinatorics in Management of Investment Construction Projects

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

Assessment of the impact of destabilizing factors on implementation of investment and construction projects

Among the distinctive features of construction projects, it should be noted the complexity and specificity of the final product in the form of buildings and structures for various purposes. Investment construction projects are affected by a large number of destabilizing factors at all stages of implementation. These factors negatively affect the final indicators of the construction investment project: failure to meet deadlines, the likelihood of construction in progress, increased cost, low quality. In this regard, conducting research on the study of destabilizing factors affecting the production activities of construction company during the implementation of investment projects is relevant in difficult times for the construction industry. Construction industry, as a complex, dynamically changing system, susceptibility to various destabilizing factors, requires a constant readiness to achieve the set goals and the final result at each stage of their life cycle. This article discusses the destabilizing factors that arise during the implementation phase of an investment construction project. In order to identify and classify the negative factors that may be encountered participants construction activity, it was prepared a questionnaire for the experts who have the necessary experience in the construction industry. Based on the polls conducted, destabilizing factors were identified and ranked. Statistical methods were used to evaluate the factors studied and determine their significance and impact on the project activities. The results of the study showed that financial, technical and labor factors have a significant impact on the construction process, therefore, special attention should be paid to the development of organizational and technological measures to prevent them. This will eliminate or minimize the influence of these factors on the production activities of construction company.

Concept and role of environmental expert review during the construction of real estate

In Russia an investment construction project is considered a time-limited investment enterprise, which is aimed at the creation of a new, unique real estate property. The availability and use of such a property is necessary to achieve investment objectives. However, it is necessary to take into account all the necessary research at the stage of business planning. It is necessary to carry out environmental research during the construction of real estate in order to maintain safety and improve the comfort of people’s lives, as well as to use rationally natural resources of our planet. At the business planning stage, such aspects as pollution of the air basin, soil and water bodies, reduction of biological diversity, use and disposal of hazardous and toxic waste, salinization and bogging of lands and the impact of noise exposure from the sources of the facility on the state of the air environment are considered.

Assessment and analysis of programs for the management of transport infrastructure construction projects

The use of probabilistic non-alternative network models for planning investment construction projects has been thoroughly studied and has been widely used in construction practice for several decades. One of the common methods based on such models is the Program Evaluation and Review Technique. This method is for planning the project dates in which the durations of all or some of activities cannot be unambiguously determined due to the high degree of uncertainty in the external environment in which such projects are implemented. However, the problem of controlling the deadlines and milestones of an investment construction project based on the Program Evaluation and Review Technique has not been studied well enough. This article investigates the possibilities of applying the Program Evaluation and Review Technique to track and control the construction project schedule. A method based on monitoring the values of the probability function of the timely completion of the project is presented. The method takes into account possible deviations of the predicted completion date of the project and, if they exceed the established limits, prescribes the initiation of corrective measures. We give recommendations for improving the Program Evaluation and Review Technique that reduce its shortcomings in applying for control the construction period. The greatest effect can be obtained by combining the Program Evaluation and Review Technique with other known methods, in particular, the Critical Chain Project Management.