A study on the development of a cost model based on the owner's decision making at the early stages of a construction project

Choong Wan Koo, Taehoon Hong, Chang Taek Hyun, Sang H. Park, Joon Oh Seo

Research output: Contribution to journalArticle

27 Citations (Scopus)

Abstract

Decision making at the early stages of a construction project has a significant impact on the project, and various scenarios created based on the owner's requirements should be considered for the decision making. At the early stages of a construction project, the information regarding the project is usually limited and uncertain. As such, it is difficult to plan and manage the project (especially cost planning). Thus, a cost model that could be varied according to the owner's requirements was developed. The cost model that was developed in this study is based on the case based reasoning (CBR) methodology. The model suggests cost estimation with the most similar historical case as a basis for the estimation. In this study, the optimization process was also conducted, using genetic algorithms that reflect the changes in the number of project characteristics and in the database of the model according to the owner's decision making. Two optimization parameters were established: (1) the minimum criteria for scoring attribute similarity (MCAS); and (2) the range of attribute weights (RAW). The cost model proposed in this study can help building owners and managers estimate the project budget at the business planning stage.

Original languageEnglish
Pages (from-to)121-137
Number of pages17
JournalInternational Journal of Strategic Property Management
Volume14
Issue number2
DOIs
Publication statusPublished - 2010 Sep 21

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Owners
Cost model
Construction project
Decision making
Process optimization
Case-based reasoning
Scenarios
Managers
Parameter optimization
Business planning
Data base
Genetic algorithm
Planning
Scoring
Costs
Cost estimation
Methodology

All Science Journal Classification (ASJC) codes

  • Strategy and Management

Cite this

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A study on the development of a cost model based on the owner's decision making at the early stages of a construction project. / Koo, Choong Wan; Hong, Taehoon; Hyun, Chang Taek; Park, Sang H.; Seo, Joon Oh.

In: International Journal of Strategic Property Management, Vol. 14, No. 2, 21.09.2010, p. 121-137.

Research output: Contribution to journalArticle

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