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Elinwa, A U and Buba, S A (1993) Construction Cost Factors in Nigeria. Journal of Construction Engineering and Management, 119(04), 698–713.

Hastak, M, Vanegas, J A and Puyana‐Camargo, M (1993) Time‐Based Competition: Competitive Advantage Tool for A/E/C Firms. Journal of Construction Engineering and Management, 119(04), 785–800.

Howell, G, Laufer, A and Ballard, G (1993) Interaction between Subcycles: One Key to Improved Methods. Journal of Construction Engineering and Management, 119(04), 714–28.

Moselhi, O and El‐Rayes, K (1993) Scheduling of Repetitive Projects with Cost Optimization. Journal of Construction Engineering and Management, 119(04), 681–97.

Navon, R, Kelly, P W and Johnston, D W (1993) Human Factors in Introducing On‐Site Construction Automation. Journal of Construction Engineering and Management, 119(04), 801–12.

O'Connor, J T and Caraway, P H (1993) Need for Specification Format that Accommodates Engineered Projects. Journal of Construction Engineering and Management, 119(04), 757–68.

Ohura, T and Kato, M (1993) Erection and Field Test of Concrete Arch Bridge Applying Composite Tube. Journal of Construction Engineering and Management, 119(04), 666–80.

Paek, J H, Lee, Y W and Ock, J H (1993) Pricing Construction Risk: Fuzzy Set Application. Journal of Construction Engineering and Management, 119(04), 743–56.

  • Type: Journal Article
  • Keywords: Fuzzy sets; Risk management; Construction; Pricing; Quantitative analysis;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(1993)119:4(743)
  • Abstract:
    Contractors may be faced with the problem of deciding the bidding price of a construction project, when the likelihood of the occurrence of risk events and the risk‐associated consequences (monetary loss and gain) are uncertain. If the monetary loss resulting from risk events is not considered or is underestimated due to associated uncertainties, a construction enterprise may suffer a tremendous loss and eventually fail. In this paper, a risk‐pricing method is proposed for analyzing and pricing construction project risk. The method consists of identifying risk elements and quantifying risk‐associated consequences. The uncertainty in the values of the quantified consequences are represented by using a fuzzy set approach and incorporated directly into the bidding price decision process. The proposed risk‐pricing method will assist contractors in the process of estimation under uncertainty. A real construction project is selected to illustrate how the proposed method can be put into practice.

Parfitt, M K, Syal, M G, Khalvati, M and Bhatia, S (1993) Computer‐Integrated Design Drawings and Construction Project Plans. Journal of Construction Engineering and Management, 119(04), 729–42.

Radtke, M W and Russell, J S (1993) Project‐Level Model Process for Implementing Constructability. Journal of Construction Engineering and Management, 119(04), 813–31.

Russell, J S and Gugel, J G (1993) Comparison of Two Corporate Constructability Programs. Journal of Construction Engineering and Management, 119(04), 769–84.

Severson, G D, Jaselskis, E J and Russell, J S (1993) Trends in Construction Contractor Financial Data. Journal of Construction Engineering and Management, 119(04), 854–8.

Shah, D D, Jain, S K and Prybella, R W (1993) Performance of Remotely Controlled Fiberglass Pipe Jacking System. Journal of Construction Engineering and Management, 119(04), 832–51.