Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach
Residential projects are described as complex, dynamic systems that are subject to uncertainty. Cost performance is a fundamental challenge. As a result, project managers must adequately identify risks that might lead to cost overruns in residential construction projects. Simulation is noticed to be...
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| Format: | Article |
| Language: | English |
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Wiley
2022-01-01
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| Series: | Applied Computational Intelligence and Soft Computing |
| Online Access: | http://dx.doi.org/10.1155/2022/2285971 |
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| _version_ | 1849693437514743808 |
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| author | Ghada Taha Ali Sherif Mohamed Badawy |
| author_facet | Ghada Taha Ali Sherif Mohamed Badawy |
| author_sort | Ghada Taha |
| collection | DOAJ |
| description | Residential projects are described as complex, dynamic systems that are subject to uncertainty. Cost performance is a fundamental challenge. As a result, project managers must adequately identify risks that might lead to cost overruns in residential construction projects. Simulation is noticed to be a useful technique for dealing with these complications. Therefore, this study developed a hybrid dynamic approach to study the effect of different risks on the cost performance of construction projects. The proposed approach combines system dynamics (SD) and discrete event simulation (DES), which can take into consideration the dynamics of the project environment, which contains various continuous influencing factors as well as the construction operations. The developed hybrid model is validated through serial model structure tests and model behavior tests, with the aid of data collected from a real construction project used in the simulation process. Based on the simulation results, it is concluded that the proposed hybrid dynamic approach is helpful to enhance the process performance by permitting construction managers to identify possible process improvement areas that traditional methods may miss. |
| format | Article |
| id | doaj-art-2fb65b7209774ec0b173f73c90b321d1 |
| institution | DOAJ |
| issn | 1687-9732 |
| language | English |
| publishDate | 2022-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Applied Computational Intelligence and Soft Computing |
| spelling | doaj-art-2fb65b7209774ec0b173f73c90b321d12025-08-20T03:20:25ZengWileyApplied Computational Intelligence and Soft Computing1687-97322022-01-01202210.1155/2022/2285971Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics ApproachGhada Taha0Ali Sherif1Mohamed Badawy2Structural Engineering DepartmentStructural Engineering DepartmentStructural Engineering DepartmentResidential projects are described as complex, dynamic systems that are subject to uncertainty. Cost performance is a fundamental challenge. As a result, project managers must adequately identify risks that might lead to cost overruns in residential construction projects. Simulation is noticed to be a useful technique for dealing with these complications. Therefore, this study developed a hybrid dynamic approach to study the effect of different risks on the cost performance of construction projects. The proposed approach combines system dynamics (SD) and discrete event simulation (DES), which can take into consideration the dynamics of the project environment, which contains various continuous influencing factors as well as the construction operations. The developed hybrid model is validated through serial model structure tests and model behavior tests, with the aid of data collected from a real construction project used in the simulation process. Based on the simulation results, it is concluded that the proposed hybrid dynamic approach is helpful to enhance the process performance by permitting construction managers to identify possible process improvement areas that traditional methods may miss.http://dx.doi.org/10.1155/2022/2285971 |
| spellingShingle | Ghada Taha Ali Sherif Mohamed Badawy Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach Applied Computational Intelligence and Soft Computing |
| title | Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach |
| title_full | Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach |
| title_fullStr | Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach |
| title_full_unstemmed | Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach |
| title_short | Overall Cost Overrun Estimate in Residential Projects: A Hybrid Dynamics Approach |
| title_sort | overall cost overrun estimate in residential projects a hybrid dynamics approach |
| url | http://dx.doi.org/10.1155/2022/2285971 |
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