||Determination and Costing of Sutainiable Construction Projects: Option Based Decision Support
||Anders Vennstrom, Thomas Olofsson, William Fawcett, Attila Dikbas, Esin Ergen
||The building stock in Europe accounts for over 40% of the final energy consumption in the European Union. Moreover, the construction sector is one of the largest producers of industrial waste contributing 40-50% of landfill in some EU countries. A common way of creating a forward planning for optimal resource efficiency in construction project is to apply Life cycle cost (LCC) and Life Cycle Assessment (LCA) in the decision process. There are, however, difficulties in assessment of the impact of the whole project on the environment and estimating its sustainability. The EU funded 7th framework project CILECCTA sets out to develop a LCCA (Life Cycle Cost and Analysis) tool supporting the determination and costing of sustainable project strategies.Current LCC software can assist the decision making process in simulating different alternatives for the design, build, maintenance and demolition of assets – allowing both client and builder to determine the favoured alternative for them. Through linking LCC and LCA methodologies, the CILECCTA project will go one stage further by enabling an assessment of the impact of the whole project on the environment and estimating its sustainability. It will also include the recently developed new generation of Whole Life Costing (WLC) methodology including a probabilistic approach to the development of sustainable WLC strategies, using a real options approach. This paper sets out the framework of current LCCA tools and the challenges in developing a modular LCCA engine integrating asset-related data in price banks and life cycle inventories across Europe. The research leading to these results has received funding from the European Community's Program FP7/2007-2013 under grant agreement no 229061.
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||Decision support, Life Cycle Cost, Life Cycle Assessment, real option analysis
Anders Vennstrom, Thomas Olofsson, William Fawcett, Attila Dikbas, Esin Ergen (2010).
Determination and Costing of Sutainiable Construction Projects: Option Based Decision Support. CIB W78 2010 - Applications of IT in the AEC Industry (ISSN: 2706-6568),