Scenario-Planning Method for Cost Estimation Using Morphological Analysis
Early cost estimates are emphasized repeatedly in the initial decision-making process to set a direction for the success of construction projects. Therefore, alternatives need to be examined, and the consequences for the cost should be analyzed carefully. This study proposes a scenario-planning meth...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Wiley
2019-01-01
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| Series: | Advances in Civil Engineering |
| Online Access: | http://dx.doi.org/10.1155/2019/4962653 |
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| _version_ | 1832554556123250688 |
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| author | Sae-Hyun Ji Joseph Ahn |
| author_facet | Sae-Hyun Ji Joseph Ahn |
| author_sort | Sae-Hyun Ji |
| collection | DOAJ |
| description | Early cost estimates are emphasized repeatedly in the initial decision-making process to set a direction for the success of construction projects. Therefore, alternatives need to be examined, and the consequences for the cost should be analyzed carefully. This study proposes a scenario-planning method that uses morphological analysis for the estimation of construction cost. A case study was conducted using public data on 102 apartment buildings from 10 housing complex projects. The results show estimation accuracy of 4.23 to 4.86% and an average stability enhancement of 1.39 to 1.73%. The proposed process can produce adaptable scenarios and evaluate the impact of the scenarios in a complicated decision-making process with limited information provided. Furthermore, this method can provide a contingency plan to cushion against uncertainties. |
| format | Article |
| id | doaj-art-32f0a2d0769f4ba480eb0577b834df8e |
| institution | Kabale University |
| issn | 1687-8086 1687-8094 |
| language | English |
| publishDate | 2019-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Advances in Civil Engineering |
| spelling | doaj-art-32f0a2d0769f4ba480eb0577b834df8e2025-02-03T05:51:04ZengWileyAdvances in Civil Engineering1687-80861687-80942019-01-01201910.1155/2019/49626534962653Scenario-Planning Method for Cost Estimation Using Morphological AnalysisSae-Hyun Ji0Joseph Ahn1Institute of Construction and Environmental Engineering, Seoul National University, Seoul 08826, Republic of KoreaDivision of Architecture, Civil and Environmental Engineering, Hoseo University, Asan 31499, Republic of KoreaEarly cost estimates are emphasized repeatedly in the initial decision-making process to set a direction for the success of construction projects. Therefore, alternatives need to be examined, and the consequences for the cost should be analyzed carefully. This study proposes a scenario-planning method that uses morphological analysis for the estimation of construction cost. A case study was conducted using public data on 102 apartment buildings from 10 housing complex projects. The results show estimation accuracy of 4.23 to 4.86% and an average stability enhancement of 1.39 to 1.73%. The proposed process can produce adaptable scenarios and evaluate the impact of the scenarios in a complicated decision-making process with limited information provided. Furthermore, this method can provide a contingency plan to cushion against uncertainties.http://dx.doi.org/10.1155/2019/4962653 |
| spellingShingle | Sae-Hyun Ji Joseph Ahn Scenario-Planning Method for Cost Estimation Using Morphological Analysis Advances in Civil Engineering |
| title | Scenario-Planning Method for Cost Estimation Using Morphological Analysis |
| title_full | Scenario-Planning Method for Cost Estimation Using Morphological Analysis |
| title_fullStr | Scenario-Planning Method for Cost Estimation Using Morphological Analysis |
| title_full_unstemmed | Scenario-Planning Method for Cost Estimation Using Morphological Analysis |
| title_short | Scenario-Planning Method for Cost Estimation Using Morphological Analysis |
| title_sort | scenario planning method for cost estimation using morphological analysis |
| url | http://dx.doi.org/10.1155/2019/4962653 |
| work_keys_str_mv | AT saehyunji scenarioplanningmethodforcostestimationusingmorphologicalanalysis AT josephahn scenarioplanningmethodforcostestimationusingmorphologicalanalysis |