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Ahiaga-Dagbui, D D, Love, P E D, Whyte, A and Boateng, P (2017) Costing and Technological Challenges of Offshore Oil and Gas Decommissioning in the U.K. North Sea. Journal of Construction Engineering and Management, 143(07).

Alexander, D, Hallowell, M and Gambatese, J (2017) Precursors of Construction Fatalities. I: Iterative Experiment to Test the Predictive Validity of Human Judgment. Journal of Construction Engineering and Management, 143(07).

Alexander, D, Hallowell, M and Gambatese, J (2017) Precursors of Construction Fatalities. II: Predictive Modeling and Empirical Validation. Journal of Construction Engineering and Management, 143(07).

Chen, K, Lu, W, Wang, H, Niu, Y and Huang, G G (2017) Naming Objects in BIM: A Convention and a Semiautomatic Approach. Journal of Construction Engineering and Management, 143(07).

Chong, H, Fan, S, Sutrisna, M, Hsieh, S and Tsai, C (2017) Preliminary Contractual Framework for BIM-Enabled Projects. Journal of Construction Engineering and Management, 143(07).

Danforth, E M, Weidman, J E and Farnsworth, C B (2017) Strategies Employed and Lessons Learned by Commercial Construction Companies during Economic Recession and Recovery. Journal of Construction Engineering and Management, 143(07).

Farshchian, M M, Heravi, G and AbouRizk, S (2017) Optimizing the Owner’s Scenarios for Budget Allocation in a Portfolio of Projects Using Agent-Based Simulation. Journal of Construction Engineering and Management, 143(07).

  • Type: Journal Article
  • Keywords: Portfolio of projects; Budget allocation; Agent-based simulation; Optimization;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001315
  • Abstract:
    Budget deficits or owners’ cash-flow problems are often blamed for construction delays and construction cost increases that may be caused by these delays. Although many studies have focused on resource allocation, cash-flow management, and budget allocation in a portfolio of construction projects from the contractors’ perspective, few studies have been conducted to investigate the allocation of budget, as the main resource of construction projects, from the owner’s perspective. This paper presents an agent-based simulation model used to simulate budget allocation and its effects on projects’ progress in an owner’s portfolio of construction projects. In addition to simulating budget-allocation scenarios and predicting the future state of the projects in the portfolio, the model can reveal efficient ways to manage a limited budget based on defined preferences. The model considers increased costs during the construction period and income growth after completion. It uses the earned schedule (ES) concept to simulate the progress of projects and takes into account the probability of increased progress if there is a budget surplus. The proposed simulation model contributes to the portfolio management body of knowledge by helping organizations optimize budget-allocation scenarios and find an efficient scenario that could lead to earlier commissioned projects, reduced construction costs, and fewer construction delays. The model is validated using historical data from a portfolio of transportation projects, and four optimization scenarios are examined to find an efficient budget-allocation scenario. The results show the model can identify feasible optimized solutions for managing projects with limited budgets.

Gambatese, J A, Michael Toole, T and Abowitz, D A (2017) Owner Perceptions of Barriers to Prevention through Design Diffusion. Journal of Construction Engineering and Management, 143(07).

Imran, S A, Commuri, S, Barman, M, Zaman, M and Beainy, F (2017) Modeling the Dynamics of Asphalt–Roller Interaction during Compaction. Journal of Construction Engineering and Management, 143(07).

Karakhan, A A and Gambatese, J A (2017) Identification, Quantification, and Classification of Potential Safety Risk for Sustainable Construction in the United States. Journal of Construction Engineering and Management, 143(07).

Luo, L, He, Q, Jaselskis, E J and Xie, J (2017) Construction Project Complexity: Research Trends and Implications. Journal of Construction Engineering and Management, 143(07).

Morgado, J, Flores-Colen, I, de Brito, J and Silva, A (2017) Maintenance Planning of Pitched Roofs in Current Buildings. Journal of Construction Engineering and Management, 143(07).

Noshadravan, A, Miller, T R and Gregory, J G (2017) A Lifecycle Cost Analysis of Residential Buildings Including Natural Hazard Risk. Journal of Construction Engineering and Management, 143(07).

Shrestha, A, Chan, T, Aibinu, A A, Chen, C and Martek, I (2017) Risks in PPP Water Projects in China: Perspective of Local Governments. Journal of Construction Engineering and Management, 143(07).

Tan, Y, Xue, B and Cheung, Y T (2017) Relationships between Main Contractors and Subcontractors and Their Impacts on Main Contractor Competitiveness: An Empirical Study in Hong Kong. Journal of Construction Engineering and Management, 143(07).

Tao, L, Wu, C, Chiang, Y, Wong, F K and Liang, S (2017) Generational Perceptions of Freedom-Related Work Values: Hong Kong’s Implementation of a No-Saturday-Site-Work Policy in Construction. Journal of Construction Engineering and Management, 143(07).

Wang, D, Dai, F, Ning, X, Dong, R G and Wu, J Z (2017) Assessing Work-Related Risk Factors on Low Back Disorders among Roofing Workers. Journal of Construction Engineering and Management, 143(07).

Wen, Q, Qiang, M and An, N (2017) Collaborating with Construction Management Consultants in Project Execution: Responsibility Delegation and Capability Integration. Journal of Construction Engineering and Management, 143(07).

Wong, P S P, Zwar, C and Gharaie, E (2017) Examining the Drivers and States of Organizational Change for Greater Use of Prefabrication in Construction Projects. Journal of Construction Engineering and Management, 143(07).

Zhang, P, Li, N, Fang, D and Wu, H (2017) Supervisor-Focused Behavior-Based Safety Method for the Construction Industry: Case Study in Hong Kong. Journal of Construction Engineering and Management, 143(07).