Tong, T K L; Tam, C M and Chan, A P C (2001) Genetic algorithm optimization in building portfolio management. Construction Management and Economics, 19(6), pp. 601-609. ISSN 01446193
Abstract
A significant proportion of building investment expenditure goes to replacement expenditure for organizations owning a large building stock or portfolio. Over the years, researchers have attempted to develop asset replacement models to aid decision-making in building portfolio management, based upon a statistical or an heuristic approach. This study attempts to use genetic algorithms to develop models for forecasting long term asset replacement strategies, aiming at smoothing fluctuations of expenditure and resources requirements, and most importantly minimizing the total maintenance and replacement costs. Scenarios are presented to demonstrate how these can be achieved. Further refinement for practical application of the models is also presented.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | asset replacement; building portfolio management; genetic algorithms |
| Index terms: | smoothing, forecasting, heuristic, building investment, portfolio management, replacement, decision-making, strategy, building stock, genetic algorithm |
| Subjects: | asset management, decision analysis, management, algorithms, data science, economic analysis, prediction and forecasting, materials science, risk assessment |
| Topics: | Risk Management, Research Practice, Engineering Principles, Business Strategy, Digital Applications |
| 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