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Babaei, M, Rashidi-baqhi, A and Rashidi, M (2022) Estimating Project Cost under Uncertainty Using Universal Generating Function Method. Journal of Construction Engineering and Management, 148(02).
Bai, S, Li, M, Lu, Q, Tian, H and Qin, L (2022) Global Time Optimization Method for Dredging Construction Cycles of Trailing Suction Hopper Dredger Based on Grey System Model. Journal of Construction Engineering and Management, 148(02).
Che Ibrahim, C K I, Belayutham, S, Mohammad, M Z and Ismail, S (2022) Development of a Conceptual Designer’s Knowledge, Skills, and Experience Index for Prevention through Design Practice in Construction. Journal of Construction Engineering and Management, 148(02).
Ghafoori, M and Abdallah, M (2022) Simulation-Based Optimization Model to Minimize Equivalent Annual Cost of Existing Buildings. Journal of Construction Engineering and Management, 148(02).
Jia, F, Xiang, P and Chen, D (2022) Prioritizing the Operation and Maintenance Complexity of Mega Transportation Projects Based on Systems Thinking. Journal of Construction Engineering and Management, 148(02).
Lerche, J, Enevoldsen, P and Seppänen, O (2022) Application of Takt and Kanban to Modular Wind Turbine Construction. Journal of Construction Engineering and Management, 148(02).
Li, P, Wang, Q, Guo, Z, Mei, T, Li, Q, Qiao, S and Zuo, W (2022) Identifying Falling-from-Height Hazards in Building Information Models: A Voxelization-Based Method. Journal of Construction Engineering and Management, 148(02).
Li, X, Lu, W, Xue, F, Wu, L, Zhao, R, Lou, J and Xu, J (2022) Blockchain-Enabled IoT-BIM Platform for Supply Chain Management in Modular Construction. Journal of Construction Engineering and Management, 148(02).
Liu, K, Su, Y, Pollack, J, Liang, H and Zhang, S (2022) Explaining the Formation Mechanism of Intrateam Knowledge Exchange Network in Offsite Construction Projects: A Social Cognitive Perspective. Journal of Construction Engineering and Management, 148(02).
Park, J and Cho, Y K (2022) Point Cloud Information Modeling: Deep Learning–Based Automated Information Modeling Framework for Point Cloud Data. Journal of Construction Engineering and Management, 148(02).
Radzi, A R, Rahman, R A, Doh, S I and Esa, M (2022) Construction Readiness for Highway Projects: Key Decision Criteria. Journal of Construction Engineering and Management, 148(02).
Sanboskani, H and Srour, I (2022) Using Advanced Statistical Methods to Identify the Drivers of Knowledge Sharing Intention among Construction Workers. Journal of Construction Engineering and Management, 148(02).
Shehadeh, A, Alshboul, O and Hamedat, O (2022) Risk Assessment Model for Optimal Gain–Pain Share Ratio in Target Cost Contract for Construction Projects. Journal of Construction Engineering and Management, 148(02).
- Type: Journal Article
- Keywords: Target cost contract; Optimal gain–pain sharing; Simulation analysis; Potential risks;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0002222
- Abstract:
Recently various contracting methods have been introduced for construction projects. Target cost contracts have been used widely where risk can be shared between contract parties. This gain–pain sharing method has proven its efficiency as a fair contracting method, but it depends on the adopted gain–pain share ratio. Minimal research efforts have quantified the optimal gain–pain share using game theory simulation. This research closes the gap by developing a mathematical formulation of the utility functions for both contract parties (i.e., the owner and the contractor) in target cost contracts. The effect of the risk-sharing rate on the behavior of the contact parties and risk direction was modeled. The developed mathematical model was analyzed to consider all possible scenarios. A simulation analysis that considered project characteristics and construction cost variations was performed to provide a robust valuation of potential risk allocation in determining the optimal share ratio using real-world construction data. The results showed that the optimal gain–pain share ratio varies according to the difference between the construction project cost variation and the contractor’s efforts fees. It is practical to set different gain–pain share ratios based on the construction project characteristics and the contractor’s efforts fees to satisfy contract parties in this complicated and interconnected relationship. Quantifying the optimal gain–pain share ratio helps to produce more-reliable target cost contracts.
Yoon, J H and Pishdad-Bozorgi, P (2022) State-of-the-Art Review of Blockchain-Enabled Construction Supply Chain. Journal of Construction Engineering and Management, 148(02).
Zhang, C, Chen, K, Yang, J, Fu, J, Wang, S and Xie, Y (2022) Reuse of Discharged Soil from Slurry Shield Tunnel Construction as Synchronous Grouting Material. Journal of Construction Engineering and Management, 148(02).
Zhang, Y, Yuan, J, Zhao, J, Cheng, L and Li, Q (2022) Hybrid Dynamic Pricing Model for Transport PPP Projects during the Residual Concession Period. Journal of Construction Engineering and Management, 148(02).