Sheykhi, R (2016) Risk-based decision making support for construction corporate resource management. PhD thesis, Florida International University, USA.
Abstract
Competitive bidding typically challenges contractors to stay in business by reducing contingency and limiting profit margin, which imposes more prudent resource utilization and allocation decisions during both planning and construction phases of projects. Many of these decisions must be made considering uncertainties that affect resource production and construction performance through several factors such as weather, managerial practices, job-type, and market conditions, etc. Construction decision makers will therefore have varied approaches to deal with these uncertainties based on their risk utility or perception. This research presents the development of a model for investigating the impact of risk-based approaches on construction network outcomes. The current study contributes to development of a model that enables corporate managers to understand the impact of different resource utilization and sharing policies on the overall outcome of their project and to select among optimum planning solutions that satisfy their profit margin and capital limitations. This research also enables corporate decision makers to have more realistic estimates for the profitability of their company, and understand consequences of their decisions in short and long term. Findings of this research provide decision makers with different solutions for profitability of their corporation based on non-dominated optimal time-cost trade-offs, and also broader perspective on how overall time and budget limitations, as well as risk perceptions, can affect the decision-making process. The model is verified and the results are validated through acquiring data from actual large scale construction projects in South Florida.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Thesis advisor: | Orabi, W and Jin, X |
| Uncontrolled Keywords: | market; market condition; construction project; contingency; bidding; construction phase; weather |
| Index terms: | weather, bidding, construction project, decision-making, profit, market condition, risk perception, competitive bidding, manager, time-cost trade-off, resource management, construction phase, estimate, profitability, construction performance, decision-making process, resource utilization |
| Subjects: | financial and cost management, project delivery, performance assessment, air quality, control systems, economic and policy analysis, decision analysis, quantity surveying, site logistics, economic analysis, bidding, practitioner, environmental hazards, production management |
| Topics: | Project Management, Procurement, Sustainability, Risk Management, Site Management, Research Practice, Cost Management, Business Strategy, Roles and Professions |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here