scholarly journals Impact of Commercial Decision Making in the Cost at the Pre-Tendering Stage

2021 ◽  
Author(s):  
Ramya Ganesh ◽  
Taqdees Anjum
Keyword(s):  
Decision Making ◽  
Construction Project ◽  
Market Condition ◽  
Factors Affecting ◽  
Roles And Responsibilities ◽  
Industrial Sectors ◽  
Cognitive Frame ◽  
The Cost ◽  
Tools And Techniques ◽  
Job Role

Abstract The Indian construction industry has the cognitive frame of operating in the cost-based approach rather than the value-based approach, and the project process and strategies are framed in such a manner to increase the profitability of the project by the organization. Nevertheless, the profitability margin of the construction project is very comparatively low compared to the other Industrial sectors. There is much reason for not attaining a higher profitability margin in the construction sector. Some of the reasons are the low innovative business plan, ineffective data-driven decision-making, ineffective management of the transaction, and construction risks.The responsibilities of increasing profitability and managing the transactional flow in the project are given to the commercial manager. The roles and responsibilities of the commercial manager vary globally. The quantity surveyor's job role further enhanced the commercial manager, where the latter can take the commercial decisions about the project.This research paper's primary outcome is the framework model for making effective decisions by the commercial manager, which increases the project's profitability. The systematic decisions, which are made in the projects by the commercial manager are studied. Considering the external factors like the COVID-19 outbreak, market condition, and existing factors affecting the decision-making process, the tools and techniques for making efficient decisions in the construction project are suggested. The synergies between these tools and techniques are studied, and a decision-making model is framed to reduce the cost and time overrun, and the benefits associated with implementing the model in the project are detailed.

A STUDY ON THE DEVELOPMENT OF A COST MODEL BASED ON THE OWNER'S DECISION MAKING AT THE EARLY STAGES OF A CONSTRUCTION PROJECT

2010 ◽  
Vol 14 (2) ◽  
pp. 121-137 ◽  
Author(s):  
Choong-Wan Koo ◽  
TaeHoon Hong ◽  
Chang-Taek Hyun ◽  
Sang H. Park ◽  
Joon-oh Seo
Keyword(s):  
Decision Making ◽  
Cost Estimation ◽  
Cost Model ◽  
Construction Project ◽  
Case Based Reasoning ◽  
Planning Stage ◽  
Attribute Weights ◽  
Early Stages ◽  
Minimum Criteria ◽  
The Cost

Decision making at the early stages of a construction project has a significant impact on the project, and various scenarios created based on the owner's requirements should be considered for the decision making. At the early stages of a construction project, the information regarding the project is usually limited and uncertain. As such, it is difficult to plan and manage the project (especially cost planning). Thus, a cost model that could be varied according to the owner's requirements was developed. The cost model that was developed in this study is based on the case‐based reasoning (CBR) methodology. The model suggests cost estimation with the most similar historical case as a basis for the estimation. In this study, the optimization process was also conducted, using genetic algorithms that reflect the changes in the number of project characteristics and in the database of the model according to the owner's decision making. Two optimization parameters were established: (1) the minimum criteria for scoring attribute similarity (MCAS); and (2) the range of attribute weights (RAW). The cost model proposed in this study can help building owners and managers estimate the project budget at the business planning stage. Santruka Sprendimu priemimas ankstyvuoju statybos projekto etapu turi didele itaka projektui ir ivairiems scenarijams, remiantis savininko reikalavimais, kuriu turi būti laikomasi priimant sprendimus. Ankstyvaisiais statybos projekto etapais informacijos apie projekta paprastai yra nedaug ir ji nera patikima. Del to sudetinga planuoti ir taisyti projekta (ypač išlaidu planavima). Todel šio tyrimo metu buvo sukurtas kainos modelis, kuris galetu būti keičiamas atsižvelgiant i savininko poreikius. Kainos modelis, kuris buvo sukurtas šio tyrimo metu, remiasi atveju analize, pagrista argumentu metodika (angl. CBR). Modelis siūlo samatinius skaičiavimus su panašiausiais ankstesniais atvejais, kurie yra skaičiavimo pagrindas. Šio tyrimo metu procesas buvo optimizuotas naudojant genetinius algoritmus, rodančius projektu skaičiaus kitima tam tikro modelio duomenu bazeje pagal savininko priimamus sprendimus. Buvo nustatyti du optimizavimo parametrai: 1) minimalūs kriterijai veiksniu panašumui ivertinti (angl. MCAS); 2) veiksniu svoriu vertinimo intervalas (angl. RAW). Kainos modelis, pasiūlytas šiame tyrime, gali padeti pastatu savininkams ir valdytojams ivertinti projekto biudžeta verslo planavimo etape.

scholarly journals Hybrid Neural – Based Model for Predicting the Construction Project Performance of High – Rise Building Projects in Metro Manila, Philippines

2021 ◽  
Author(s):  
Jucar Fernandez ◽  
Dante L. Silva ◽  
Kevin Lawrence M. De Jesus
Keyword(s):  
Influencing Factors ◽  
Construction Project ◽  
Project Performance ◽  
Performance Rating ◽  
Sigmoid Function ◽  
Quality Performance ◽  
Factors Affecting ◽  
Metro Manila ◽  
Garson’S Algorithm ◽  
The Cost

Assessing construction project performance through adapting an innovative approach can multiply the production of high-quality project outputs which is a catalyst to the socio-economic progress of a country. Preliminary data collection was employed through a meta-cognitive analysis of reviewing related literature which directs to the backbone of qualitative information that is relevant to the periodically experienced construction performance-influencing factors and to develop an assessment questionnaire about the influencing factors affecting the project performance. The IBM SPSS program was used to verify the reliability and consistency of the fundamental statistics of the questionnaire responses of cost, time and quality performance ratings. A predictive mathematical model was developed for forecasting cost, time, and quality performance rating employing Levenberg-Marquardt training algorithm with Hyperbolic Tangent Sigmoid function. The prediction model result shows a highly satisfying performance on its variance from the substantive values and suggests a high correlation between these values. The relative importance of the factors affecting the cost, time, and quality performance rating was calculated via sensitivity analysis through connection weights using Garson’s Algorithm to view the order of influence of the parameters that have great significance to the success of a project.

scholarly journals Effect of bond administration on construction project delivery

2016 ◽  
Vol 8 (1) ◽  
pp. 1390-1396 ◽  
Author(s):  
Ayodeji Emmanuel Oke
Keyword(s):  
Project Success ◽  
Construction Project ◽  
Project Delivery ◽  
Building Projects ◽  
Factors Affecting ◽  
Bond Issues ◽  
The Cost ◽  
The Relationship ◽  
Pro Forma ◽  
Best Fit

Abstract Construction bond administration involves management of bond issues from inception of obtaining bond from guarantor to the point of release of contractor by the client. This process has posted a lot of challenges to construction stakeholders; it is therefore, necessary to examine the relationship between bond administration and project success. Archival data of completed bonded building projects were gathered through a pro forma developed for this purpose. Using Pearson product moment of correlation, it was revealed that the cost of securing a construction bond has a positive and significant effect on the initial and final costs of the project, while the number of days needed to secure a construction bond has no significant effect on the initial and final durations of the construction project. In order to establish the relationship between project delivery indices of cost and time and the construction bond administration variables, iteration of linear regression was adopted to arrive at the best-fit equation. Factors affecting the cost of securing construction bonds from guarantors should be identified and given adequate attention by construction stakeholders in order to minimize the effect of construction bond administration on project delivery.

Segments Influencing Individual Investors Behavior And Their Investment Decision

2019 ◽  
Vol 118 (9) ◽  
pp. 154-160
Author(s):  
Dr. Kartikey Koti
Keyword(s):  
Decision Making ◽  
Social Factors ◽  
Stock Markets ◽  
Investment Decision ◽  
Individual Investors ◽  
Factors Affecting ◽  
The Social ◽  
Karnataka State ◽  
Essential Idea

The essential idea of this assessment is investigate the social factors affecting particular theorists' decisions making limit at Indian Stock Markets. In the examination coordinated standard of direct is Classified subject to two estimations the first is Heuristic (Decision making) and the resulting one is prospect.. For the assessment coordinated the data used is basic natured which is assembled through a sorted out survey from 100 individual money related authorities based out in Hubli and Dharwad city, Karnataka State in India on an accommodating way. The respondents were both sex and overwhelming part male were 68% . These theorists were having a spot with the age bundle between35-45 which is 38%. These respondents have completed their graduation were around 56%. These respondents had work inclusion of 5 to 10 years which is 45% and the majority of which were used in government portion which is 56%. Their compensation was between 4 to 6 Lakh and were fit for placing assets into business areas. The money related experts were widely masterminded placing assets into different portfolios like 32% in Share market and 20 % in Fixed store. These examiners mode to known various endeavor streets were through News, family and allies.  

The Paradox of Poverty: Socio-Economic Aspects of Population Growth.— By T. Scarlett Epstein and Darrell Jackson. The Macmillan of India Limited Delhi, 1975. pp.127.

1978 ◽  
Vol 17 (3) ◽  
pp. 380-382
Author(s):  
M. Javed Akbar Zaki
Keyword(s):  
Decision Making ◽  
Social Situation ◽  
Economic Security ◽  
Rural India ◽  
Factors Affecting ◽  
Number Of Children ◽  
Economic Progress ◽  
The Poor ◽  
Fertility Decision ◽  
The Social

To many social theoreticians, the population explosion, particularly in the developing nations presents a crippling threat to their developmental pro¬cesses. Their argument's validity rests mainly on the assumption that expected economic progress is swallowed up by unbalanced rise of numbers in the population. The book being reviewed deals mainly with this subject matter and is divided into two parts, each containing three articles contributed by various researchers. Part one, 'The Social context of Fertility Decision' is focused on analyzing the role of factors affecting fertility at the micro-level decision making process. The first article 'Fertility decision in rural India' by Vinod Jainath, examines the applicability to rural India of various models of the process of fertility decision making and finds most of these wanting with respect to the Indian social situation. While analyzing the fertility patterns of Rural India, he points out the positive need for larger families among the poor small farmers mainly due to labour supply considerations. The author argues that unemployment and under¬employment actually motivate the poor to have more children as it better ensures their economic security in their old age. As the chances of gaining employ¬ment for their offspring diminish, they are induced to increase the total number of children in order that atleast one will be able to support them. Thus a vicious circle of poverty arises in large families because of each of the parents wanting to increase their children's chances of employment by ultimately reducing the overall employment opportunities even further and exacerbating their poverty.

Emotional Choices

2018 ◽  
Author(s):  
Robin Markwica
Keyword(s):  
Decision Making ◽  
Choice Behavior ◽  
Choice Theory ◽  
Cuban Missile Crisis ◽  
Coercive Diplomacy ◽  
The Core ◽  
Present Book ◽  
Action Model ◽  
The Cost ◽  
Dynamic Interplay

In coercive diplomacy, states threaten military action to persuade opponents to change their behavior. The goal is to achieve a target’s compliance without incurring the cost in blood and treasure of military intervention. Coercers typically employ this strategy toward weaker actors, but targets often refuse to submit and the parties enter into war. To explain these puzzling failures of coercive diplomacy, existing accounts generally refer to coercers’ perceived lack of resolve or targets’ social norms and identities. What these approaches either neglect or do not examine systematically is the role that emotions play in these encounters. The present book contends that target leaders’ affective experience can shape their decision-making in significant ways. Drawing on research in psychology and sociology, the study introduces an additional, emotion-based action model besides the traditional logics of consequences and appropriateness. This logic of affect, or emotional choice theory, posits that target leaders’ choice behavior is influenced by the dynamic interplay between their norms, identities, and five key emotions, namely fear, anger, hope, pride, and humiliation. The core of the action model consists of a series of propositions that specify the emotional conditions under which target leaders are likely to accept or reject a coercer’s demands. The book applies the logic of affect to Nikita Khrushchev’s decision-making during the Cuban missile crisis in 1962 and Saddam Hussein’s choice behavior in the Gulf conflict in 1990–91, offering a novel explanation for why coercive diplomacy succeeded in one case but not in the other.

scholarly journals Economic Value of Terminal Aerodrome Forecasts at Incheon Airport, South Korea

2021 ◽  
Vol 13 (12) ◽  
pp. 6965
Author(s):  
In-Gyum Kim ◽  
Hye-Min Kim ◽  
Dae-Geun Lee ◽  
Byunghwan Lim ◽  
Hee-Choon Lee
Keyword(s):  
Decision Making ◽  
South Korea ◽  
Co2 Emissions ◽  
Fuel Efficiency ◽  
Economic Value ◽  
Analysis Data ◽  
Annual Average ◽  
Loss Model ◽  
Total Budget ◽  
The Cost

Meteorological information at an arrival airport is one of the primary variables used to determine refueling of discretionary fuel. This study evaluated the economic value of terminal aerodrome forecasts (TAF), which has not been previously quantitatively analyzed in Korea. The analysis data included 374,716 international flights that arrived at Incheon airport during 2017–2019. A cost–loss model was used for the analysis, which is a methodology to evaluate forecast value by considering the cost and loss that users can expect, considering the decision-making result based on forecast utilization. The value was divided in terms of improving fuel efficiency and reducing CO2 emissions. The results of the analysis indicate that the annual average TAF value for Incheon Airport was approximately 2.2 M–20.1 M USD under two hypothetical rules of refueling of discretionary fuel. This value is up to 26.2% higher than the total budget of 16.3 M USD set for the production of aviation meteorological forecasts by the Korea Meteorological Administration (KMA). Further, it is up to 10 times greater than the 2 M USD spent on aviation meteorological information fees collected by the KMA in 2018.

scholarly journals Analyzing Factors Affecting the Sustainability of Land Management Practices in Mecha Woreda, Northwestern Ethiopia

2021 ◽  
Vol 13 (13) ◽  
pp. 7007
Author(s):  
Habtamu Nebere ◽  
Degefa Tolossa ◽  
Amare Bantider
Keyword(s):  
Decision Making ◽  
Land Management ◽  
Land Degradation ◽  
Quantitative Data ◽  
Management Practices ◽  
Short Term ◽  
Factors Affecting ◽  
Decision Making Processes ◽  
Household Heads ◽  
The Impact

In Ethiopia, the practice of land management started three decades ago in order to address the problem of land degradation and to further boost agricultural production. However, the impact of land management practices in curbing land degradation problems and improving the productivity of the agricultural sector is insignificant. Various empirical works have previously identified the determinants of the adoption rate of land management practices. However, the sustainability of land management practices after adoption, and the various factors that control the sustainability of implemented land management practices, are not well addressed. This study analyzed the factors affecting the sustainability of land management practices after implementation in Mecha Woreda, northwestern Ethiopia. The study used 378 sample respondents, selected by a systematic random sampling technique. Binary logistic regression was used to analyze the quantitative data, while the qualitative data were qualitatively and concurrently analyzed with the quantitative data. The sustained supply of fodder from the implemented land management practices, as well as improved cattle breed, increases the sustainability of the implemented land management practices. While lack of agreement in the community, lack of enforcing community bylaws, open cattle grazing, lack of benefits of implemented land management practices, acting as barrier for farming practices, poor participation of household heads during planning and decision-making processes, as well as the lack of short-term benefits, reduce the sustainability of the implemented land management practices. Thus, it is better to allow for the full participation of household heads in planning and decision-making processes to bring practical and visible results in land management practices. In addition, recognizing short-term benefits to compensate the land lost in constructing land management structures must be the strategy in land management practices. Finally, reducing the number of cattle and practicing stall feeding is helpful both for the sustainability of land management practices and the productivity of cattle. In line with this, fast-growing fodder grass species have to be introduced for household heads to grow on land management structures and communal grazing fields for stall feeding.

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