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Bernold, L E (2007) Teaching Evaluations for Construction Engineering and Management: Opportunity to Move Us Forward. Journal of Construction Engineering and Management, 133(02), 146–56.

Fong, P S and Lung, B W (2007) Interorganizational Teamwork in the Construction Industry. Journal of Construction Engineering and Management, 133(02), 157–68.

Hegab, M Y and Smith, G R (2007) Delay Time Analysis in Microtunneling Projects. Journal of Construction Engineering and Management, 133(02), 191–5.

Ibbs, W and Nguyen, L D (2007) Schedule Analysis under the Effect of Resource Allocation. Journal of Construction Engineering and Management, 133(02), 131–8.

Lee, E and Thomas, D K (2007) State-of-Practice Technologies on Accelerated Urban Highway Rehabilitation: I-15 California Experience. Journal of Construction Engineering and Management, 133(02), 105–13.

Mayer, Z and Kazakidis, V (2007) Decision Making in Flexible Mine Production System Design Using Real Options. Journal of Construction Engineering and Management, 133(02), 169–80.

  • Type: Journal Article
  • Keywords: Construction management; Underground construction; System analysis; Mining; Simulation models; Decision making; Monte Carlo method;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2007)133:2(169)
  • Abstract:
    Large multifaceted capital projects, such as those in the mineral resource industry, are often associated with diverse sources of both internal and external risks and uncertainties. Risks can cause delays to the planned schedule of a project, add a significant cost, and greatly influence its profitability. Uncertainties can be associated with project risks, as well as with opportunities that can develop throughout the project’s lifecycle. Having the ability to plan for these uncertainties, by incorporating flexible alternatives into the system design, is increasingly recognized as critical to long-term corporate success. This paper advances the knowledge needed to incorporate flexibility in systems engineering and management for both practitioners and researchers. Flexibility is defined in this paper as the ability of a system to sustain performance, preserve a particular cost structure, adapt to internal or external changes in operating conditions, or take advantage of new opportunities that develop during a mine’s life cycle by modifying operational parameters. By engaging in planning for flexible production systems, the effects of risk on a particular project value can be examined, project volatility can be calculated, and potential flexible mining alternatives can be evaluated. Once identified, a real options valuation provides a strategic decision-making tool for mine planners to determine the value of incorporating flexible alternatives into the mine plan. This paper demonstrates that flexibility can become an equal partner among the parameters controlling the decision-making process for underground engineering construction systems, followed by industry practitioners. It presents a methodology in mine production system design by introducing flexibility into design through the application of real options valuation techniques. Real world case studies related to flexible planning and design of construction and production systems in underground hard rock mines are presented.

McCowan, A K and Mohamed, S (2007) Decision Support System to Evaluate and Compare Concession Options. Journal of Construction Engineering and Management, 133(02), 114–23.

Mohamad Karimi, S, Jamshid Mousavi, S, Kaveh, A and Afshar, A (2007) Fuzzy Optimization Model for Earthwork Allocations with Imprecise Parameters. Journal of Construction Engineering and Management, 133(02), 181–90.

Sakka, Z I and El-Sayegh, S M (2007) Float Consumption Impact on Cost and Schedule in the Construction Industry. Journal of Construction Engineering and Management, 133(02), 124–30.

Stoy, C and Schalcher, H (2007) Residential Building Projects: Building Cost Indicators and Drivers. Journal of Construction Engineering and Management, 133(02), 139–45.