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A multivariate discriminant analysis is described, aimed at predicting the direction of changes in the Hong Kong tender price index by utilizing the patterns of change in eight leading economic indicators. Two discriminant functions are derived which distinguish between 'upward', 'constant' and...
Clients need to be informed in advance of their likely future financial commitments and cost implications as the design evolves. This requires the estimation of building cost based on historic cost data that is updated by a forecasted Tender Price Index (TPI), with the reliability of the...
Clients need to be informed in advance of their likely future financial commitments and cost implications as the design evolves. This requires the estimation of building cost based on historic cost data that is updated by a forecasted Tender Price Index (TPI), with the reliability of the...
Many researchers have advocated the development and application of a systematic approach to the selection of procurement processes. Different procurement selection models aimed at improving the decision making process have been proposed. These models generally fail to address the fuzziness of...
Bromilow's log-log time-cost (BTC) model is tested and refitted with a new set of data for Australian construction projects completed between 1991 and 1998. It is shown that, as anticipated by earlier research, different parameter estimates are needed for different project types, with smaller...
The statistical variance of total project cost is usually estimated by means of Monte Carlo simulation on the assumption that exact analytic approaches are too difficult. This paper tests that assumption and shows that, contrary to expectations, the analytic solution is relatively...
The casual nature of employment in the construction industry makes planning human asset requirements a vague exercise. Human resource information systems (HRISs) offer a means of coping with these problems through improvements in the reliability, accuracy and accessibility of the human resources...
This paper describes an empirical study aimed at ranking prequalification criteria on the basis of perceived total benefit-cost to stakeholders. A postal questionnaire was distributed to 100 client and contractor organizations in Australia in 1997. 48 responses were analyzed for scores on 38...
Contractor prequalification involves the establishment of a standard for measuring and assessing the capabilities of potential tenderers. The required standard is based on a set of PreQualification Criteria (PQC) that is intended to reflect the objectives of the client and the requirements of...
One of the factors affecting the success or otherwise of the procurement process is the quality of its financial management. In many cases, particularly in the early stages of a project, this is dependent on the accuracy of forecasts of future costs. For risk management purposes, what is most...