The Impact of Failure Types in Construction Production Systems on Economic Risk Assessments in the Bidding Phase

Mirkovic, Milan

doi:10.1155/2018/5041803

Cited by 5 publications

(9 citation statements)

References 31 publications

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“…This feature of the components and systems leads to the modification of the frequency balancing method so as to increase the accuracy of component availability estimates. The results obtained did not differ significantly from the application of the frequency balancing method and the Monte Carlo simulation method [1], [2]. Specifically, when there are data on availability from the previous work (operational availability), then the availability estimates for periods I, II and III can be made on the basis of Eq.…”

Section: Assessment Of Equipment Availabilitymentioning

confidence: 95%

“…Specifically, when there are data on availability from the previous work (operational availability), then the availability estimates for periods I, II and III can be made on the basis of Eq. 28, 29 and 30 [1], [2].…”

Section: Assessment Of Equipment Availabilitymentioning

confidence: 99%

“…Equation 28 is used to estimate the project operational availability of components from the middle part of the life cycle (period II) [1], [2]:…”

Section: Assessment Of Equipment Availabilitymentioning

confidence: 99%

“…The status of the components may affect the capacity, unit costs, and total costs, and project time. Estimating the availability of components in such situations is of great importance in the bidding phase [1], [2].…”

Section: Introductionmentioning

confidence: 99%

“…According to Eq.1, the general measure of availability is a ratio of usable/operational time to a total given period or cycle time [1], [2].…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Availability classification for applications in construction production systems: A review

Mirkovic¹

2019

FACTA U SERIES ARCHI

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The aim of the paper is to improve availability classifications of components for application in construction systems. Construction production systems belong to projectbased systems with serial-parallel structures with or without redundant components, and the availability function has a significant impact on the performance indicators of components and systems. The main indicators of function of the components are the availability, capacity, costs, and project time. A new approach to classification makes it possible to choose the most appropriate methodology for assessing component availability in the bidding phase, and managing company's machine park. The new classification approach was tested on a practical example. The results obtained confirmed the justification for extending the classical approach to the classification of the availability of components.

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Section: Assessment Of Equipment Availabilitymentioning

confidence: 95%

Section: Assessment Of Equipment Availabilitymentioning

confidence: 99%

“…Equation 28 is used to estimate the project operational availability of components from the middle part of the life cycle (period II) [1], [2]:…”

Section: Assessment Of Equipment Availabilitymentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

“…According to Eq.1, the general measure of availability is a ratio of usable/operational time to a total given period or cycle time [1], [2].…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Availability classification for applications in construction production systems: A review

Mirkovic¹

2019

FACTA U SERIES ARCHI

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Triangular distribution and PERT method vs. payoff matrix for decision-making support in risk analysis of construction bidding: A case study

Mirkovic¹

2020

FACTA U SERIES ARCHI

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Decision-making in construction bidding represents a complex process due to the present risk. Risk or uncertainty cannot be ignored and should be treated as a constituent of decision-making. The paper aims to emphasize the importance of probability theory by comparing insufficiently applicable methods in practical bidding. The triangular distribution and the PERT method belong to three-point estimate techniques, while payoff matrices represent a multi-criteria approach. Also, selected methods belong to quantitative techniques for risk cost analysis. Still, the risk costs determination of the unit costs and the total costs of bids is often based on an intuitive approach. Therefore, compared results of the triangular distribution, PERT method, and payoff matrix techniques (minimin, minimax, expected monetary value, and expected opportunity loss) indicate the significance of risk costs estimating in tendering. The analysis of the results showed some overlaps in risk costs values obtained by the PERT method and expected monetary value technique. Those are due to the specificity of the chosen practical example and cannot be adopted as a rule. This means that selected methods and techniques are very useful for all bid estimation. The paper proved the complexity of decision-making, where the primary goal is to award a contract.

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Original Model for Estimating the Whole Life Costs of Buildings and its Verification

Plebankiewicz

Zima

Wieczorek

2019

Archives of Civil Engineering

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The model for estimating the whole life costs of the building life cycle that allows the quantification of the risk addition lets the investor to compare buildings at the initial stage of planning a construction project in terms of the following economic criteria: life cycle costs (LCC), whole life costs (WLC), life cycle equivalent annual costs (LCEAC) and cost addition for risk (ΔRLCC). The subsequent stages of the model development have been described in numerous publications of the authors, while the aim of this paper is to check the accuracy of the model in the case of changing the parameters that may affect the results of calculations. The scope of the study includes: comparison of the results generated by the model with the solutions obtained in the life cycle net present value method (LCNPV) for time and financial input data, not burdened with the risk effect; the analysis of the variability of results due to changes in input data; analysis of the variability of results as a consequence of changing the sets of membership functions for input data and methods for defuzzification the result.

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The Impact of Failure Types in Construction Production Systems on Economic Risk Assessments in the Bidding Phase

Cited by 5 publications

References 31 publications

Availability classification for applications in construction production systems: A review

Availability classification for applications in construction production systems: A review

Triangular distribution and PERT method vs. payoff matrix for decision-making support in risk analysis of construction bidding: A case study

Original Model for Estimating the Whole Life Costs of Buildings and its Verification

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