Bon, R (1988) Replacement simulation model: A framework for building portfolio decisions. Construction Management and Economics, 6(2), pp. 149-159. ISSN 01446193
Abstract
This paper presents a simple and robust replacement simulation model of potential value to organizations that possess a large building stock or portfolio. The basis of the model's conceptual framework is the recognition that facility renewal cycles are predictable. These cycles can be used to forecast the process of replacement by means of a rudimentary simulation procedure. The model allows for the sensitivity analysis of replacement expenditures to alternative maintenance scenarios. The better the maintenance programme, the longer the replacement cycles, and the lower the replacement costs per unit of time. These savings represent the upper bound on economically justifiable maintenance expenditures. The model also addresses the long-term fluctuations of replacement costs, which can be smoothed out by a suitable distinction between deferrable and non-deferrable replacement expenditures.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | building maintenance; building portfolio; building replacement; simulation models |
| Index terms: | programme, building maintenance, building stock, upper bound, savings, renewal, conceptual framework, replacement, sensitivity analysis |
| Subjects: | project controls, environmental hazards, probability and distributions, economic analysis, asset management, materials science, theoretical framing, renovation and retrofit, construction type |
| Topics: | Engineering Principles, Sustainability, Business Strategy, Time Control, Research Practice, Construction Technology |
| 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