Many real estate owners change the building in terms of the type of usage in response to changes in economic conditions and the requirements of the surrounding environment to get the best potential financial return. To investigate the possibilities of changing the real estate's usage, the owners of these existing structures turned to feasibility study experts for assistance in making the optimum alternatives. So, they need an integrated model between VE and BIM, especially applicable to an existing structure, to determine the optimum usage type for the existing structure. Value Engineering (VE) and Building Information Modeling (BIM) must be connected to profit from both outputs simultaneously. Previous studies only investigated the VE alternatives during the design phase; when they decided to reduce project costs by using construction materials alternatives, they ignored existing structure alternatives significantly when changing the usage type. This study attempts to provide an integrated model between VE and BIM that can be applied to the existing structure to assist in determining the best alternative in terms of the type of usage for such existing structures by conducting BIM methodology such as a feasibility study, including BIM software such as Revit and Primavera. A feasibility study that contains the bank rate of interest. As a result, the maximum financial return is obtained based on predetermined criteria and in compliance with decision-making requirements. Doi: 10.28991/CEJ-2022-08-08-06 Full Text: PDF
Urban expansion is undergoing rapid growth, prompting several nations to create financial and administrative capitals outside congested urban areas, leaving the existing buildings unoccupied. To investigate the possibilities of changing the real estate’s usage, the owners of these existing buildings turned to feasibility study experts for assistance in making the optimum alternatives. An integrated framework between value engineering and building information modeling, especially appropriate for existing buildings, is required to aid decision-makers in selecting the best options for current building utilization. Previous studies only investigated the value engineering alternatives during the design phase, when they decided to reduce project costs using construction materials alternatives. Still, they overlooked existing building alternatives in terms of changing the kind of usage of such buildings. So, they need an integrated model between value engineering and building information modeling, especially applicable to an existing structure, to determine the optimum usage type for the existing building. Value engineering and building information modeling must be connected to profit from both outputs simultaneously. And used the multi-criteria decision-analysis method. Today’s analytic hierarchy process is the most widely used. This paper provides an integrated framework between value engineering and building information modeling that can be applied to existing buildings to assist in determining the best alternative in terms of the type of usage for such existing structures by conducting BIM methodologies such as a feasibility study which includes present value, cash flow and the bank interest rate, and BIM software such as Revit and Primavera. The multi-criteria decision analysis method was used to focus on what is important, logical, consistent, and easy to use. MCDA which considered a process for evaluating options with conflicting criteria and choosing the best solution, similar to a cost–benefit analysis, but evaluates numerous criteria rather than just cost. The findings revealed that this integrated framework, which includes feasibility studies and comparison tables, may be implemented in the future while taking into account time and location constraints.
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