Alashwal, A M and Chew, M Y (2017) Simulation techniques for cost management and performance in construction projects in Malaysia. Built Environment Project and Asset Management, 7(5), pp. 534-545. ISSN 2044-124X
Abstract
Purpose Simulation techniques for cost management are useful for modeling uncertainties, making decisions, and improving the accuracy of cost estimation. Despite their usefulness, the application of these techniques in construction projects seems to be uncommon in the construction sector in Malaysia. The purpose of this paper is to determine the application of simulation techniques for cost estimation and control and to assess their influence on project cost performance. Design/methodology/approach A survey questionnaire was used to collect data from 83 government agencies, consultant firms, and contractor firms in Kuala Lumpur, Malaysia. Findings The findings revealed that knowledge of respondents and usage of cost simulation techniques in the Malaysian construction industry is low. In addition, main barriers of implementing cost simulation techniques are identified. Cost performance of construction projects in Malaysia is satisfactory; however, there is no association between this performance and the application of simulation techniques. Originality/value This paper contributes to construction management field by highlighting the main simulation techniques for cost management and drawing the attention of construction professionals and contractors to implement these techniques in construction projects.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | performance; bim; contingency planning; monte carlo simulation; 4d simulation; cost estimates |
| Index terms: | cost estimating, government agency, contractor firm, Malaysia, survey, accuracy, cost management, project cost, consultant firm, drawing, Monte Carlo simulation, 4D simulation, questionnaire, construction professional, methodology, construction project, cost performance, modelling, contingency planning, cost estimate, construction industry, construction sector |
| Subjects: | organization, data collection methods, analytical methods, financial and cost management, visualization, technical documentation, modelling and simulation, financial risk, professional development, Geography, production management, economics, accounting and finance, research methods, industry analysis, administrative law |
| Topics: | Cost Management, Information Management, Engineering Principles, Research Practice, Geographical Context, Project Management, Digital Applications, Design Practice, Legal Issues, Organizational Design |
| Descriptive scope: | 5 PCTEA |
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