A framework for Organizing a Resilient Cost Benefit Analysis for Construction Projects. (2016)

• Record Type: Journal Article
• Authors: Belay, Alemu Moges; Torp, Olav; Thodesen, Carl; Odeck, James
• Is Part Of: Procedia engineering. Volume 145(2016)
• Page Start: 1169
• Page End: 1176
• Publication Date: 2016
• Subjects: Resilience -- System thinking -- Integration -- Dynamism -- Cost benefit analysis (CBA) -- Decision support system.; Engineering -- Congresses; Engineering -- Periodicals; Engineering; Conference proceedings; Periodicals; 620.005
• DOI: 10.1016/j.proeng.2016.04.151
• Languages: English
• ISSNs: 1877-7058

Abstract

Abstract: Large public-investment construction projects require advanced decision support systems. The traditional (static) cost benefit analysis (CBA) is one of the early-phase decision support system in construction business. The purpose of this paper is to develop a resilient and dynamic CBA framework for road construction projects. The research systematically reviewed academic quality ensured and rigorous peer-reviewed articles (from web of science and publish or perish databases) and discuss selected Norwegian construction projects. The research identified some key attributes (e.g. resiliency, dynamics, system thinking) that the traditional CBA lacks and the framework developed integrates these attributes to fill the gap. The research has theoretical implication from the methodological improvement perspective (e.g. attempting to integrate complex attributes). The practical implication is to avoid inefficiencies and obtain better regulation in government policies. The results could be used on go/no go decision for the Norwegian Megaproject (E39 ferry-free coastal highway construction).