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Ford, D N (2002) Achieving Multiple Project Objectives through Contingency Management. Journal of Construction Engineering and Management, 128(01), 30–39.

Haas, C and Einstein, H H (2002) Updating the Decision Aids for Tunneling. Journal of Construction Engineering and Management, 128(01), 40–48.

Hanna, A S, Camlic, R, Peterson, P A and Nordheim, E V (2002) Quantitative Definition of Projects Impacted by Change Orders. Journal of Construction Engineering and Management, 128(01), 57–64.

Jaselskis, E J, Kurtenbach, J M and Forrest, J (2002) Enhancing Financial Success Among Electrical Contractors. Journal of Construction Engineering and Management, 128(01), 65–75.

Lee, E, Roesler, J, Harvey, J T and Ibbs, C W (2002) Case Study of Urban Concrete Pavement Reconstruction on Interstate 10. Journal of Construction Engineering and Management, 128(01), 49–56.

Love, P E D (2002) Influence of Project Type and Procurement Method on Rework Costs in Building Construction Projects. Journal of Construction Engineering and Management, 128(01), 18–29.

McCabe, B, AbouRizk, S and Gavin, J (2002) Time of Sampling Strategies for Asphalt Pavement Quality Assurance. Journal of Construction Engineering and Management, 128(01), 85–89.

Thomas, H R (2002) 2000 Peurifoy Lecture: Construction Practices in Developing Countries. Journal of Construction Engineering and Management, 128(01), 1–7.

Wang, W (2002) SIM-UTILITY: Model for Project Ceiling Price Determination. Journal of Construction Engineering and Management, 128(01), 76–84.

  • Type: Journal Article
  • Keywords: Project management; Cost estimates; Bids; Pricing; Utility theory; project management; cost-benefit analysis; contracts; accounting;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2002)128:1(76)
  • Abstract:
    Before considering bids submitted by competing contractors for a public procurement project, the owner should determine a project ceiling price or cost estimate to use as a reference point for evaluating the bids. A high ceiling price conflicts with the owner’s interests in minimizing costs. Meanwhile, a low ceiling price can jeopardize the project if all bids exceed the ceiling price. This paper proposes a model for determining a reasonable project ceiling price. The model, called SIM-UTILITY, is based on a utility theory and facilitated by a cost simulation approach. The utility theory is applied to reflect the owner’s preferences regarding the determination criteria, while the simulation approach is used to generate more objective project cost data to support execution of the utility theory. The advantages of SIM-UTILITY are proven by its successful application to three construction projects in Taiwan. A computerized SIM-UTILITY is expected to be broadly applicable to public construction projects in Taiwan.

Yates, J K and Lockley, E E (2002) Documenting and Analyzing Construction Failures. Journal of Construction Engineering and Management, 128(01), 8–17.