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Easa, S M (1989) Resource Leveling in Construction by Optimization. Journal of Construction Engineering and Management, 115(02), 302–16.

Hinze, J and Couey, J (1989) Weather in Construction Contracts. Journal of Construction Engineering and Management, 115(02), 270–83.

Ioannou, P G (1989) Dynamic Probabilistic Decision Processes. Journal of Construction Engineering and Management, 115(02), 237–57.

  • Type: Journal Article
  • Keywords: Computer programming; Construction management; Decision making; Markov process; Optimization; Probability; Risk management;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(1989)115:2(237)
  • Abstract:
    This paper presents a general model for the formulation and solution of the risk‐sensitive dynamic decision problem that maximizes the certain equivalent of the discounted rewards of a time‐varying Markov decision process. The problem is solved by applying the principle of optimality and stochastic dynamic programming to the immediate rewards and the certain equivalent associated with the remaining transitions of a time‐varying Markov process over a finite or infinite time horizon, under the assumptions of constant risk aversion and discounting of future cash flows. The solution provides transient and stationary optimal decision policies that depend on the presence or absence of discounting. The construction equipment replacement problem serves as an example application of the model to illustrate the solution methodology and the sensitivity of the optimal policy to the discount factor and the degree of risk aversion.

Kangari, R and Yoshida, T (1989) Prototype Robotics in Construction Industry. Journal of Construction Engineering and Management, 115(02), 284–301.

Karshenas, S (1989) Truck Capacity Selection for Earthmoving. Journal of Construction Engineering and Management, 115(02), 212–27.

Logcher, R D, Wang, M and Chen, F H (1989) Knowledge Processing for Construction Management Data Base. Journal of Construction Engineering and Management, 115(02), 196–211.

Remold, L E (1989) Simulation of Nonsteady Construction Processes. Journal of Construction Engineering and Management, 115(02), 163–78.

Tatum, C B, Bauer, M F and Meade, A W (1989) Process of Innovation for Up/Down Construction at Rowes Wharf. Journal of Construction Engineering and Management, 115(02), 179–95.

Tavakoli, A, Taye, E D and Erktin, M (1989) Equipment Policy of Top 400 Contractors: A Survey. Journal of Construction Engineering and Management, 115(02), 317–29.

Wyrick, D A and Eschenbach, T G (1989) Remote Oil and Gas Facility Construction. Journal of Construction Engineering and Management, 115(02), 228–36.