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Optimized Approach toward Identification of Influential Cost Overrun Causes in Construction Industry
https://orcid.org/0000-0003-4403-036X
Prioritization is considered a core concept in cost overrun analysis. This study first aimed at proposing a new approach for the calculation of total risk magnitude (TRM) and, second, introduced the application of Pareto analysis in the prioritization of cost overrun causes. A case study is delineated to explain the applicability of the aforementioned approaches. Thirty-eight unique causes of cost overrun in urban-related construction projects were identified and a survey was conducted among construction professionals in Iran. The TRM for each cost overrun cause is calculated using single-attribute (SA), double-attribute (DA), and multiple-attribute (MA) approaches. Henceforth, based on calculated TRM, the causes are prioritized using the relative importance index (RII) and Pareto analysis. A comparative analysis revealed that not only could Pareto-based prioritization be effectively employed for prioritization, but also, the proposed MA approach for TRM calculation optimizes the efficiency of the most influential cause identification.
Optimized Approach toward Identification of Influential Cost Overrun Causes in Construction Industry
https://orcid.org/0000-0003-4403-036X
Prioritization is considered a core concept in cost overrun analysis. This study first aimed at proposing a new approach for the calculation of total risk magnitude (TRM) and, second, introduced the application of Pareto analysis in the prioritization of cost overrun causes. A case study is delineated to explain the applicability of the aforementioned approaches. Thirty-eight unique causes of cost overrun in urban-related construction projects were identified and a survey was conducted among construction professionals in Iran. The TRM for each cost overrun cause is calculated using single-attribute (SA), double-attribute (DA), and multiple-attribute (MA) approaches. Henceforth, based on calculated TRM, the causes are prioritized using the relative importance index (RII) and Pareto analysis. A comparative analysis revealed that not only could Pareto-based prioritization be effectively employed for prioritization, but also, the proposed MA approach for TRM calculation optimizes the efficiency of the most influential cause identification.
Optimized Approach toward Identification of Influential Cost Overrun Causes in Construction Industry
https://orcid.org/0000-0003-4403-036X
Prioritization is considered a core concept in cost overrun analysis. This study first aimed at proposing a new approach for the calculation of total risk magnitude (TRM) and, second, introduced the application of Pareto analysis in the prioritization of cost overrun causes. A case study is delineated to explain the applicability of the aforementioned approaches. Thirty-eight unique causes of cost overrun in urban-related construction projects were identified and a survey was conducted among construction professionals in Iran. The TRM for each cost overrun cause is calculated using single-attribute (SA), double-attribute (DA), and multiple-attribute (MA) approaches. Henceforth, based on calculated TRM, the causes are prioritized using the relative importance index (RII) and Pareto analysis. A comparative analysis revealed that not only could Pareto-based prioritization be effectively employed for prioritization, but also, the proposed MA approach for TRM calculation optimizes the efficiency of the most influential cause identification.
Optimized Approach toward Identification of Influential Cost Overrun Causes in Construction Industry
ASCE-ASME J. Risk Uncertainty Eng. Syst., Part A: Civ. Eng.
Youssefi, Iman (author) / Celik, Tolga (author)
2023-06-01
Article (Journal)
Electronic Resource
English
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