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Whole life-cycle costing (WLCC) is rapidly becoming the standard method for the long-term cost appraisal of buildings and civil infrastructure projects. With clients now demanding buildings that demonstrate value for money over the long term, WLCC has become an essential tool for those involved in the design, construction, operation and risk analysis of construction projects. Whole-life costing: risk and risk responses offers a thorough grounding in both the theory and practical application of WLCC. Part I deals with the fundamentals, providing the general background to appreciate WLCC concepts and whole life risk management techniques at the key decision-making milestones through a project’s life. Part II covers the design stage, including service life forecasting and environmental life-cycle assessment techniques in WLCC. Practical frameworks both for assessing whole life risks and risk responses, as well as guidance on developing WLCC budget estimates are also developed. In Part III, the authors consider WLCC during the construction and operations stages, with a strong emphasis upon risk analysis methods and dynamic WLCC assessment. With its mixture of established theory, best practice and innovative approaches, this book will help you make more accurate assessments of the long-term cost effectiveness of projects by: providing a thorough grounding in the theory of WLCC demonstrating how decision-making uncertainty can be reduced by basing choices on sound risk management principles identifying a systematic approach to planning the post-occupancy costs.
Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value-for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports. In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice. In particular, the new edition responds to: A range of recent UK industry and government publications; and most notably BS EN 16271:2012 - Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973:2000 Value Management; BS EN 1325 Value Management – Vocabulary, Terms and definitions; the changes to "Value for Europe" governing the training and certification of Value Management in European Union countries; the UK Government’s Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management. Research in Value Management undertaken since publication of the first edition. Changes in Value Management practice particularly in Programmes and Projects. Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation. Initiatives in asset management initiatives covering the management of physical infrastructure, for example the recent launch of a suite of three standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 “Asset Management: Specification For The Optimized Management Of Physical Assets” The second edition contains a dedicated chapter of exemplar case studies drawn from the authors’ experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of tools and techniques of use in Value Management practice. Construction clients, including those in both the public and private sectors, and professionals such as construction cost consultants, quantity surveyors, architects, asset managers, construction engineers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction related courses in Higher Education – particularly those at final year undergraduate and at Masters level.
Cradle-to-grave analyses are becoming the norm, as an increasing amount of corporations and government agencies are basing their procurement decisions not only on initial costs but also on life cycle costs. And while life cycle costing has been covered in journals and conference proceedings, few, if any, books have gathered this information into an easily accessible resource. Eliminating the need to consult many different sources, Life Cycle Costing for Engineers brings together up-to-date life cycle costing concepts and explains their application in various industrial sectors. The author sets the scene with a chapter on fundamental economics followed by a chapter on reliability and maintainability, providing background information and platform for further understanding. He then discusses life cycle costing fundamentals, models and estimation methods, reliability, quality, safety, and manufacturing costing, and maintenance, maintainability, usability, and warranty costing. The book includes life cycle costing for computer systems and software, transportation systems, aircraft turbine engines, cargo ships, rail systems, civil engineering structures, and energy systems. An in-depth look at cost estimation models and engineering reliability and maintainability topics such as bathtub hazard rate curve, common reliability networks, general reliability, mean time to failure, and hazard rate formulas round out the coverage. Filled with examples, tables, figures, and equations, this book integrates life cycle costing concepts for use in industrial and other sectors. It provides a modern treatment of the subject that can easily be applied to any industry.
Ferry and Brandon's Cost Planning of Buildings provides a comprehensive introduction to the practice and procedures of cost planning in the procurement of buildings. The eighth edition of this leading textbook has been thoroughly updated to reflect the significant changes that have occurred in the UK construction industry since the new millennium. Whilst retaining its core structure of the three-phase cost planning process originally developed by Ferry and Brandon, the text provides a thorough grounding in contemporary issues including procurement innovation, whole life-cycle costing and modelling techniques. Designed to support the core cost planning studies covered by students reading for degrees in quantity surveying and construction management, it provides a platform for understanding the fundamental importance of effective cost planning practice. The principals of elemental cost planning are covered from both pre- and post- contract perspectives; the role of effective briefing and client/stakeholder engagement as best practice is also reinforced in this text. In his revisions, Richard Kirkham reflects the many changes in the construction industry in the past eight years: procurement is given prominence early in the book; the changing role of the quantity surveyor and building economist is discussed, as is the crucial role they assume throughout the project life cycle. He emphasises the importance of early and collaborative working in the design team, as well as the impact of whole life-cycle costing.
This topical and timely book presents and innovative approach to dealing with the complexities of cost planning in PFI. PFI/PPP projects have a significantly different costing environment from conventionally procured projects, requiring cost analysts to use their expertise and innovative thinking to develop whole-life cost solutions that deliver value for money to the client, thus improving public building assets performance. Abdelhalim Boussabaine provides a thorough grounding in the theory of PFI, from its early evolution through to examples of current projects. In particular, the rationale for private financing of public services, arguments for and against PFI and 'value for money' mechanisms are discussed. The book presents an innovative framework for whole-life value and calls for changes in the way whole life cycle value is perceived, created and exchanged. Cost Planning of PFI and PPP Building Projects provides the reader with existing knowledge as well as present innovative thinking for future development and management of PFI/PPP cost planning processes. Given the importance and novelty of this book, academics, professionals, undergraduate and postgraduate students will find this book valuable.
Addresses the fundamentals of life-cost studies in the built environment. It includes the time-value of money, discounted cash-flow analysis, differential price-level movement and affordability fluctuations. Contemporary issues such as occupancy costs, sustainability implications and value adding are also addressed.
This new edition of the classic quantity surveying textbook retains its basic structure but has been thoroughly updated to reflect recent changes in the industry, especially in procurement. Although over the last 20 years a number of new procurement methods have evolved and become adopted, the recession has seen many clients revert to established traditional methods of procurement so the fundamentals of cost planning still apply - and should not be ignored. The first edition of this leading textbook was published in 1964 and it continues to provide a comprehensive introduction to the practice and procedures of cost planning in the procurement of buildings. This 9th edition has been thoroughly updated to reflect changes that have occurred in the UK construction industry in the past six years. Whilst retaining its core structure of the three-phase cost planning process originally developed by Ferry and Brandon, the text provides a thorough grounding in contemporary issues including procurement innovation, whole life cycle costing and modelling techniques. Designed to support the core cost planning studies covered by students reading for degrees in quantity surveying and construction management, it provides a platform for understanding the fundamental importance of effective cost planning practice. The principals of elemental cost planning are covered from both pre- and post- contract perspectives; the role of effective briefing and client/stakeholder engagement as best practice is also reinforced in this text. This new edition: Addresses The Soft Landings Framework (a new govt. initiative, especially for schools) to make buildings perform radically better and much more sustainably. Puts focus on actual performance in use at brief stage, during design and construction, and especially before and after handover. Covers recent changes in procurement, especially under the NEC and PFI Provides more on PPP and long-term maintenance issues Offers an improved companion website with tutorial worksheets for lecturers and Interactive spreadsheets for students, e.g. development appraisal models; lifecycle costing models

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