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Alvanchi, A, Lee, S and AbouRizk, S (2012) Dynamics of Working Hours in Construction. Journal of Construction Engineering and Management, 138(01), 66–77.
Bakhoum, E S and Brown, D C (2012) Developed Sustainable Scoring System for Structural Materials Evaluation. Journal of Construction Engineering and Management, 138(01), 110–9.
Bemelmans, J, Voordijk, H, Vos, B and Buter, J (2012) Assessing Buyer-Supplier Relationship Management: Multiple Case-Study in the Dutch Construction Industry. Journal of Construction Engineering and Management, 138(01), 163–76.
Bo, X and Chan, A P C (2012) Investigation of Barriers to Entry into the Design-Build Market in the People’s Republic of China. Journal of Construction Engineering and Management, 138(01), 120–7.
El-Diraby, T E (2012) Epistemology of Construction Informatics. Journal of Construction Engineering and Management, 138(01), 53–65.
Han, S, Lee, S and Peña-Mora, F (2012) Identification and Quantification of Non-Value-Adding Effort from Errors and Changes in Design and Construction Projects. Journal of Construction Engineering and Management, 138(01), 98–109.
Jarkas, A M (2012) Buildability Factors Influencing Concreting Labor Productivity. Journal of Construction Engineering and Management, 138(01), 89–97.
Ji, S, Park, M and Lee, H (2012) Case Adaptation Method of Case-Based Reasoning for Construction Cost Estimation in Korea. Journal of Construction Engineering and Management, 138(01), 43–52.
Kim, B and Hong, T (2012) Revised Case-Based Reasoning Model Development Based on Multiple Regression Analysis for Railroad Bridge Construction. Journal of Construction Engineering and Management, 138(01), 154–62.
Leung, M and Chan, I Y S (2012) Exploring Stressors of Hong Kong Expatriate Construction Professionals in Mainland China: Focus Group Study. Journal of Construction Engineering and Management, 138(01), 78–88.
Lhee, S C, Issa, R R A and Flood, I (2012) Prediction of Financial Contingency for Asphalt Resurfacing Projects using Artificial Neural Networks. Journal of Construction Engineering and Management, 138(01), 22–30.
- Type: Journal Article
- Keywords: Construction costs; Neural networks; Asphalts; Risk management; Cost contingency; Artificial neural networks; Project owners; Transportation construction projects; Asphalt resurfacing; Risk and uncertainty; Cost estimates;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000408
- Abstract:
Historically, actual construction costs have tended to exceed initial cost estimates and budgets. Often this discrepancy is significant enough to cause problems such as depletions of budgets, disputes, and reductions in work quality. Cost contingency is an important element included in the base cost estimate to protect construction participants including owners, contractors, and architects from the risks associated with underestimating project cost estimates and overrunning cost budgets. Typically, project participants have simply calculated contingency as a fixed percentage of project cost in spite of the importance of contingency. The uniform application of this deterministic method to calculate contingency on the basis of project costs only is not appropriate for all construction projects. This paper identifies factors that influence contingency and proposes a new method for predicting the owner’s financial contingency on transportation construction projects using an artificial neural network (ANN)–based method. Asphalt resurfacing works among transportation projects sponsored by the Florida Department of Transportation (FDOT) completed from 2004–2006 are used for this study. The results show the viability of the ANN approach in the prediction of contingency. Accurate predictions of contingencies using this approach can help project administrators better manage contingency requirements on financing projects, allowing a more optimal usage of available project funds.
Shrestha, P P, O’Connor, J T and Gibson, G E (2012) Performance Comparison of Large Design-Build and Design-Bid-Build Highway Projects. Journal of Construction Engineering and Management, 138(01), 1–13.
Song, X, Peña-Mora, F, Menassa, C C and Arboleda, C A (2012) Insurance as a Risk Management Tool for ADR Implementation in Construction Disputes. Journal of Construction Engineering and Management, 138(01), 14–21.
Taghaddos, H, AbouRizk, S, Mohamed, Y and Hermann, U (2012) Simulation-Based Auction Protocol for Resource Scheduling Problems. Journal of Construction Engineering and Management, 138(01), 31–42.
Yang, H, Chan, A P C, Yeung, J F Y and Li, Q (2012) Concentration Effect on Construction Firms: Tests of Resource Partitioning Theory in Jiangsu Province (China) from 1989 to 2007. Journal of Construction Engineering and Management, 138(01), 144–53.
Yu, W and Wang, K (2012) Best Value or Lowest Bid? A Quantitative Perspective. Journal of Construction Engineering and Management, 138(01), 128–34.
Zerjav, V, Hartmann, T and Javernick-Will, A (2012) Internal Governance of Design and Engineering: The Case of the Multinational Firm. Journal of Construction Engineering and Management, 138(01), 135–43.