New Generation Whole-Life Costing

"New Generation Whole-Life Costing" presents an innovative approach to decision-making and risk management for construction and real estate. It applies the options-based approach that has revolutionized the management of uncertainty in the business world. Based on government-sponsored research at Cambridge Architectural Research Ltd., the book introduces the idea of 'lifecycle options'. The desirability of whole-life costing is widely accepted, but take-up levels have been low. One problem is that traditional techniques fail to take account of future uncertainty. In contrast, the new options-based approach considers a diversity of possible futures, and favours flexible strategies that incorporate lifecycle options. This approach leads to more cost-effective and sustainable decisions, minimising the risk of under- or over-investment. This book is structured around realistic case studies that demonstrate the prevalence of lifecycle options. These case studies are backed up by clear presentation of basic principles and mathematical techniques allowing the book to be read either as a stimulating introduction to new concepts, or as a guide to mathematical methods.

ISBN 0415346584   DEWEY edition DC22 ISBN13 9780415346580 (What's this?)   Pages 224 Publisher Taylor & Francis Ltd   Volumes 1 Imprint Taylor & Francis Ltd   Weight (grammes) 430 Format Paperback   Published in London Publication date 06 Jul 2006   Height (mm) 246 Library of Congress 2006000853   Width (mm) 189 DEWEY 692.5   Academic level Professional / Scholarly

		Foreword : familiar words and new concepts
1		The rationale for project evaluation		1
2		Evaluating long-term projects		9
3		Evaluating risky projects		23
4		Data for whole-life costing		41
5		Lifecycle options		65
6		The option to develop		79
7		The option to expand		95
8		The option to switch use		107
9		The option to reconfigure		121
10		The option to refurbish		137
11		Options on new technology		153
12		Very long-term projects		165
13		Lifecycle budgeting under uncertainty		175
14		Self-assessment matrix for whole-life evaluation		189

'The book certainly brings to attention the merits of WLC and how surprising the current lack of use of WLC techniques in the industry is.' - David Adamson (Director of Smarter Construction, Office of Government Commerce) 'A real breath of fresh air and a source of some important new ideas.' 'Whole-life costing could be as dull as the worthy ISO standard. This book is visually a delight ... the narrative is full of lively examples and visual snapshots of case studies. Thoroughly recommended for courses ... and clients and agents and designers alike.' - David Fisk (Professor of Engineering for Sustainable Development, Imperial College, London) 'The book is full of many good ideas ... I would recommend it to property managers and surveyors involved in value management.' - David Wright (Associate at Currie & Brown) 'A very interesting and rich perspective that will assist practitioners in taking a longer-term view. !An extremely pleasant and accessible book.' - Niklaus Kohler in, Building Research & Information

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