Abstracts – Browse Results
Click on the titles below to expand the information about each abstract.
Viewing 9 results ...
Ökmen, & and Öztaş, A (2008) Construction Project Network Evaluation with Correlated Schedule Risk Analysis Model. Journal of Construction Engineering and Management, 134(01), 49–63.
Cui, Q, Johnson, P, Quick, A and Hastak, M (2008) Valuing the Warranty Ceiling Clause on New Mexico Highway 44 Using a Binomial Lattice Model. Journal of Construction Engineering and Management, 134(01), 10–17.
- Type: Journal Article
- Keywords: Warranties; Contracts; Case reports; New Mexico; Highways;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)0733-9364(2008)134:1(10)
- Abstract:
In 1998 the New Mexico State Highway and Transportation Department (NMSHTD) agreed to pay $60 million for a 20-year pavement warranty on their Route 44 project (NM 44, now US 550). The warranty includes a ceiling clause that caps total expenditures at $110 million. As the first long-term highway warranty in the United States, the transaction set a controversial precedent that parties interested in innovative highway contracting, including other state department of transportations (DOTs), the USDOT, sureties, and contractors, view as a test case for evaluating pricing and cost-effectiveness. An interim audit report published by the State of New Mexico [Abbey (2004). Rep. to the Legislative Finance Committee, State Highway and Transportation Department, Santa Fe, N.M.] provides invaluable fiscal projections and challenges the cost effectiveness of the $60 million expenditure. This paper presents an independent analysis of the effectiveness of the warranty clauses. Based upon NMSHTD data, the analysis contends that $60 million was a fair cost of the 20-year pavement warranty at the time of acceptance if the expenditure ceiling is not considered. Furthermore, this paper argues that the ceiling on expenditure can be valuable. Using the real options approach, the paper evaluates the warranty ceiling clause on NM 44 and some policy suggestions are discussed.
Hassan, M M and Gruber, S (2008) Simulation of Concrete Paving Operations on Interstate-74. Journal of Construction Engineering and Management, 134(01), 2–9.
Khalafallah, A and El-Rayes, K (2008) Minimizing Construction-Related Security Risks during Airport Expansion Projects. Journal of Construction Engineering and Management, 134(01), 40–48.
Liou, F and Huang, C (2008) Automated Approach to Negotiations of BOT Contracts with the Consideration of Project Risk. Journal of Construction Engineering and Management, 134(01), 18–24.
Lu, M and Lam, H (2008) Critical Path Scheduling under Resource Calendar Constraints. Journal of Construction Engineering and Management, 134(01), 25–31.
Seo, J W and Choi, H H (2008) Risk-Based Safety Impact Assessment Methodology for Underground Construction Projects in Korea. Journal of Construction Engineering and Management, 134(01), 72–81.
Stoy, C, Pollalis, S and Schalcher, H (2008) Drivers for Cost Estimating in Early Design: Case Study of Residential Construction. Journal of Construction Engineering and Management, 134(01), 32–39.
Xue, X, Shen, Q, Wang, Y and Lu, J (2008) Measuring the Productivity of the Construction Industry in China by Using DEA-Based Malmquist Productivity Indices. Journal of Construction Engineering and Management, 134(01), 64–71.