YaBeSH Engineering and Technology Library

    • Journals
    • PaperQuest
    • YSE Standards
    • YaBeSH
    • Login
    View Item 
    •   YE&T Library
    • ASCE
    • Journal of Construction Engineering and Management
    • View Item
    •   YE&T Library
    • ASCE
    • Journal of Construction Engineering and Management
    • View Item
    • All Fields
    • Source Title
    • Year
    • Publisher
    • Title
    • Subject
    • Author
    • DOI
    • ISBN
    Advanced Search
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Archive

    Forecasting the Construction Expenditure Cash Flow for Transportation Design-Build Projects with a Case-Based Reasoning Model

    Source: Journal of Construction Engineering and Management:;2021:;Volume ( 147 ):;issue: 006::page 04021043-1
    Author:
    Yunping Liang
    ,
    Baabak Ashuri
    ,
    Mingshu Li
    DOI: 10.1061/(ASCE)CO.1943-7862.0002054
    Publisher: ASCE
    Abstract: Accurately forecasting the construction expenditure cash flow of transportation projects is critical for state departments of transportation (state DOTs) to secure sufficient funding to cover their fiscal obligations throughout the project development timeline. However, there is no quantitative model to assist state DOTs in accurately forecasting expenditure cash flows for design-build projects. At the outset of awarding a typical design-build contract, the design has not been finalized to enable exact quantities for a detailed cost estimate. This issue represents a big difference between design-build and design-bid-build projects that makes estimating the project payouts more difficult for design-build projects. This research for the first time creates an expenditure cash-flow forecasting model for transportation design-build projects based on case-based reasoning and a genetic algorithm. The model utilizes information about project-specific characteristics and external market factors. The applicability of the proposed model is examined on a data set of 33 transportation design-build projects delivered by Georgia Department of Transportation (GDOT) from April 2007 to January 2020. The results show great accuracy in forecasting expenditure cash flows of these projects. The major contribution of this study lies on the creation of a new forecasting model, which enables reasonably accurate prediction of expenditure cash flow of transportation design-build projects. This research identifies that even early at the procurement phase of a design-build project when exact quantities and detailed cost estimates have not been fully developed, the combination of conceptual project information and local construction market indicators offers the capability to predict the future expenditure cash flow of the project through establishing similarities between the project to be awarded and historical design-build projects. This research provides a novel approach to quantify the similarities that will be used as critical inputs into a case-based reasoning algorithm for predicting the expenditure cash flow of the project using expenditure records of most similar historical projects in the design-build data set. It is anticipated that transportation agencies can benefit from the forecasting model presented in this study by enhancing their processes of estimating their financial obligations on the onset of letting design-build contracts. The forecasting model will help transportation agencies to avoid underestimating and overestimating the capital needed to build a design-build project during the contract duration. Therefore, limited financial resources of transportation government agencies will be utilized more efficiently and effectively, and the likelihood of running into disputes for fund unavailability and cost overruns will be reduced.
    • Download: (927.2Kb)
    • Show Full MetaData Hide Full MetaData
    • Get RIS
    • Item Order
    • Go To Publisher
    • Price: 5000 Rial
    • Statistics

      Forecasting the Construction Expenditure Cash Flow for Transportation Design-Build Projects with a Case-Based Reasoning Model

    URI
    http://yetl.yabesh.ir/yetl1/handle/yetl/4271028
    Collections
    • Journal of Construction Engineering and Management

    Show full item record

    contributor authorYunping Liang
    contributor authorBaabak Ashuri
    contributor authorMingshu Li
    date accessioned2022-02-01T00:10:37Z
    date available2022-02-01T00:10:37Z
    date issued6/1/2021
    identifier other%28ASCE%29CO.1943-7862.0002054.pdf
    identifier urihttp://yetl.yabesh.ir/yetl1/handle/yetl/4271028
    description abstractAccurately forecasting the construction expenditure cash flow of transportation projects is critical for state departments of transportation (state DOTs) to secure sufficient funding to cover their fiscal obligations throughout the project development timeline. However, there is no quantitative model to assist state DOTs in accurately forecasting expenditure cash flows for design-build projects. At the outset of awarding a typical design-build contract, the design has not been finalized to enable exact quantities for a detailed cost estimate. This issue represents a big difference between design-build and design-bid-build projects that makes estimating the project payouts more difficult for design-build projects. This research for the first time creates an expenditure cash-flow forecasting model for transportation design-build projects based on case-based reasoning and a genetic algorithm. The model utilizes information about project-specific characteristics and external market factors. The applicability of the proposed model is examined on a data set of 33 transportation design-build projects delivered by Georgia Department of Transportation (GDOT) from April 2007 to January 2020. The results show great accuracy in forecasting expenditure cash flows of these projects. The major contribution of this study lies on the creation of a new forecasting model, which enables reasonably accurate prediction of expenditure cash flow of transportation design-build projects. This research identifies that even early at the procurement phase of a design-build project when exact quantities and detailed cost estimates have not been fully developed, the combination of conceptual project information and local construction market indicators offers the capability to predict the future expenditure cash flow of the project through establishing similarities between the project to be awarded and historical design-build projects. This research provides a novel approach to quantify the similarities that will be used as critical inputs into a case-based reasoning algorithm for predicting the expenditure cash flow of the project using expenditure records of most similar historical projects in the design-build data set. It is anticipated that transportation agencies can benefit from the forecasting model presented in this study by enhancing their processes of estimating their financial obligations on the onset of letting design-build contracts. The forecasting model will help transportation agencies to avoid underestimating and overestimating the capital needed to build a design-build project during the contract duration. Therefore, limited financial resources of transportation government agencies will be utilized more efficiently and effectively, and the likelihood of running into disputes for fund unavailability and cost overruns will be reduced.
    publisherASCE
    titleForecasting the Construction Expenditure Cash Flow for Transportation Design-Build Projects with a Case-Based Reasoning Model
    typeJournal Paper
    journal volume147
    journal issue6
    journal titleJournal of Construction Engineering and Management
    identifier doi10.1061/(ASCE)CO.1943-7862.0002054
    journal fristpage04021043-1
    journal lastpage04021043-10
    page10
    treeJournal of Construction Engineering and Management:;2021:;Volume ( 147 ):;issue: 006
    contenttypeFulltext
    DSpace software copyright © 2002-2015  DuraSpace
    نرم افزار کتابخانه دیجیتال "دی اسپیس" فارسی شده توسط یابش برای کتابخانه های ایرانی | تماس با یابش
    yabeshDSpacePersian
     
    DSpace software copyright © 2002-2015  DuraSpace
    نرم افزار کتابخانه دیجیتال "دی اسپیس" فارسی شده توسط یابش برای کتابخانه های ایرانی | تماس با یابش
    yabeshDSpacePersian