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Anastasopoulos, P C, Haddock, J E and Peeta, S (2014) Cost Overrun in Public-Private Partnerships: Toward Sustainable Highway Maintenance and Rehabilitation. Journal of Construction Engineering and Management, 140(06).

Becker, T C, Jaselskis, E J and El-Gafy, M (2014) Improving Predictability of Construction Project Outcomes through Intentional Management of Indirect Construction Costs. Journal of Construction Engineering and Management, 140(06).

Chen, Y Q, Zhang, Y B and Zhang, S J (2014) Impacts of Different Types of Owner-Contractor Conflict on Cost Performance in Construction Projects. Journal of Construction Engineering and Management, 140(06).

El-Abbasy, M S, Senouci, A, Zayed, T, Mirahadi, F and Parvizsedghy, L (2014) Condition Prediction Models for Oil and Gas Pipelines Using Regression Analysis. Journal of Construction Engineering and Management, 140(06).

Hawas, F and Cifuentes, A (2014) Valuation of Projects with Stochastic Cash Flows and Intertemporal Correlations: Practical Modeling Guidelines. Journal of Construction Engineering and Management, 140(06).

Ko, C and Chung, N (2014) Lean Design Process. Journal of Construction Engineering and Management, 140(06).

Lee, H W, Choi, K and Gambatese, J A (2014) Real Options Valuation of Phased Investments in Commercial Energy Retrofits under Building Performance Risks. Journal of Construction Engineering and Management, 140(06).

  • Type: Journal Article
  • Keywords: Risk management; Project management; Sustainable development; Energy efficiency; Investments; Real options; Risk management; Project valuation; Sustainable development; Energy efficiency; Investments; Project planning and design;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000844
  • Abstract:
    Although the importance of energy efficiency investments has grown substantially in recent years, there has been very little about reliable valuation methods specifically aimed for commercial building energy retrofits under building performance risks. To fill this gap, the key objective of this study is to develop and exemplify a real options valuation framework that can be used to evaluate the financial impact of phased investments in a building portfolio. This study proposes a rigorous theoretical decision-support framework: Phased Investment for Energy Retrofits (PIER). PIER blends real options and net present value (NPV) analysis techniques together to valuate managerial flexibility associated with the phased investment strategy. The research results revealed that use of PIER would lead to a favorable NPV while performance risks could serve as a crucial factor that determines the level of government subsidy. The valuation framework of this study will help project owners and decision-makers better assess the impact of performance risks on commercial energy retrofit investments, which will serve as a solid foundation for them to make further better-informed project decisions.

Maghrebi, M, Travis Waller, S and Sammut, C (2014) Assessing the Accuracy of Expert-Based Decisions in Dispatching Ready Mixed Concrete. Journal of Construction Engineering and Management, 140(06).

O’Connor, J T, O’Brien, W J and Choi, J O (2014) Critical Success Factors and Enablers for Optimum and Maximum Industrial Modularization. Journal of Construction Engineering and Management, 140(06).

Russell, M M, Hsiang, S M, Liu, M and Wambeke, B (2014) Causes of Time Buffer and Duration Variation in Construction Project Tasks: Comparison of Perception to Reality. Journal of Construction Engineering and Management, 140(06).

West, J (2014) Collaborative Patterns and Power Imbalance in Strategic Alliance Networks. Journal of Construction Engineering and Management, 140(06).

Zhang, S, Migliaccio, G C, Zandbergen, P A and Guindani, M (2014) Empirical Assessment of Geographically Based Surface Interpolation Methods for Adjusting Construction Cost Estimates by Project Location. Journal of Construction Engineering and Management, 140(06).