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Life Cycle Costing of Public Construction Projects
| Content Provider | Scilit |
|---|---|
| Author | Heralova, R. Schneiderova |
| Copyright Year | 2019 |
| Description | Journal: Iop Conference Series: Earth and Environmental Science The purpose of this paper is to highlight the role of life cycle costing in the preparation phase of public construction projects. Life cycle costing is a method of economic analysis directed at all costs related to constructing, operating, and maintaining a construction project over a defined period of time. In the early phase of construction projects, an enormous benefit in life cycle costing can be achieved. The commonly used construction cost minimization approach should be substituted for life cycle cost optimization. In order to gain the maximum value for money, all costs incurred over the whole life span must be estimated. The optimization of the life cycle costs of a construction project is essential for a complex decision making process. All taken into consideration, the solution with the minimum value of life cycle costs can be chosen. Public investors are required to meet the objectives of sustainable building, and as a group they face limited financial resources and frequently a very strict institutional framework including procurement procedures. The quantification of life cycle costs, when deciding on a construction project, is required by the public sector in the Czech Republic. In addition, the estimated amount of life cycle costs has become a criterion in public tenders. The paper summarizes experience in building design valuation in terms of these life cycle costs. |
| Related Links | https://iopscience.iop.org/article/10.1088/1755-1315/290/1/012060/pdf |
| ISSN | 17551307 |
| e-ISSN | 17551315 |
| DOI | 10.1088/1755-1315/290/1/012060 |
| Journal | Iop Conference Series: Earth and Environmental Science |
| Issue Number | 1 |
| Volume Number | 290 |
| Language | English |
| Publisher | IOP Publishing |
| Publisher Date | 2019-06-01 |
| Access Restriction | Open |
| Subject Keyword | Journal: Iop Conference Series: Earth and Environmental Science Construction Project |
| Content Type | Text |
| Resource Type | Article |
| Subject | Earth and Planetary Sciences Physics and Astronomy Environmental Science |
