New Generation Whole-Life Costing: Property and Construction Decision-Making Under Uncertainty

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Ian Ellingham William Fawcett

New Generation Whole-Life Costing

Property and Construction Decision-Making Under Uncertainty

Ian Ellingham, William Fawcett

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English

Routledge
06 July 2006

Property & real estate; Management decision making; Construction industry

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, minimizing 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.

By: Ian Ellingham, William Fawcett
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 246mm, Width: 189mm, Spine: 13mm
Weight: 430g
ISBN: 9780415346580
ISBN 10: 0415346584
Pages: 222
Publication Date: 06 July 2006
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

Ian Ellingham is an associate of Cambridge Architectural Research Ltd., UK. William Fawcett has held a lectureship at the University of Hong Kong and was one of the founding directors of Cambridge Architectural Research Ltd. He holds the Chadwick Fellowship in Architecture at Pembroke College, Cambridge.

Reviews for New Generation Whole-Life Costing: Property and Construction Decision-Making Under Uncertainty

'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