A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Developing a cost normalization framework for phase-based performance assessment of construction projects
Capital project benchmarking requires an effective cost normalization process to achieve reasonable comparisons of cost-related performance for projects that are executed at different times and locations. Traditionally, cost normalization approaches were developed for ex post facto analysis of project performance and assume that all required information is fully available from a completed project. However, practitioners have expressed the need for cost normalization techniques to evaluate phase-level outcomes during ongoing projects. This paper aims to provide a cost normalization framework tailored to phase-based performance assessment. The framework involves three main steps: currency conversion, location adjustment, and time adjustment with considerations for various scenarios where the required information is not fully available. Case studies are conducted to demonstrate how the proposed cost normalization framework has been applied to phase-based performance assessment for capital projects. The proposed framework can benefit both researchers and industrial professionals interested in cost estimation, feasibility analysis, and performance assessment.
Developing a cost normalization framework for phase-based performance assessment of construction projects
Capital project benchmarking requires an effective cost normalization process to achieve reasonable comparisons of cost-related performance for projects that are executed at different times and locations. Traditionally, cost normalization approaches were developed for ex post facto analysis of project performance and assume that all required information is fully available from a completed project. However, practitioners have expressed the need for cost normalization techniques to evaluate phase-level outcomes during ongoing projects. This paper aims to provide a cost normalization framework tailored to phase-based performance assessment. The framework involves three main steps: currency conversion, location adjustment, and time adjustment with considerations for various scenarios where the required information is not fully available. Case studies are conducted to demonstrate how the proposed cost normalization framework has been applied to phase-based performance assessment for capital projects. The proposed framework can benefit both researchers and industrial professionals interested in cost estimation, feasibility analysis, and performance assessment.
Developing a cost normalization framework for phase-based performance assessment of construction projects
Choi, Jiyong (author) / Yun, Sungmin / de Oliveira, Daniel P
2016
Article (Journal)
English
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