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Bajaj, D, Oluwoye, J O and Lenard, D (1997) An analysis of contractors' approaches to risk identification in New South Wales, Australia. Construction Management and Economics, 15(04), 363-9.

Bowles, G, Dagpunar, J S and Gow, H (1997) Financial management of planned maintenance for housing associations. Construction Management and Economics, 15(04), 315-26.

  • Type: Journal Article
  • Keywords: housing association; linear programming; maintenance; simulation; sinking fund
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/014461997372872
  • Abstract:

    Since the Housing Act 1988, UK housing associations (HAs) have been responsible, with the removal of government grants, for funding all maintenance necessary for the upkeep of new stock over its lifespan. Sinking funds (SFs) have to be created, out of rental income, that are adequate to finance the long term projected maintenance demand. This paper reviews the use of SFs for building asset management with particular reference to the requirements being made of HAs. Current assumptions of what constitutes an adequate level of SF investment by their funding agencies are questioned with an analysis of case study data. Using linear-programming, the benefits of modelling an SF over merely calculating it are demonstrated. The technique is used to formulate SF strategies, some of which admit the possibility of going into deficit in the future, and these are compared with results from conventional SF projections. Finally, the effect that varying element and component lifespans can have on SF projections are investigated by using Monte Carlo methods to simulate profiles of long term maintenance expenditure, and observing how well funds projected with the original SF strategy match them. The results show the importance of reviewing regularly the SF policy in order that it remains relevant to the needs of the stock.

Chau, K W (1997) Note - The ranking of construction management journals. Construction Management and Economics, 15(04), 387-98.

Fenn, P (1997) Note - Rigour in research and peer review. Construction Management and Economics, 15(04), 383-5.

Griffith, A and Headley, J D (1997) Using a weighted score model as an aid to selecting procurement methods for small building works. Construction Management and Economics, 15(04), 341-8.

Hatush, Z and Skitmore, M R (1997) Assessment and evaluation of contractor data against client goals using PERT approach. Construction Management and Economics, 15(04), 327-40.

Punwani, A (1997) A study of the growth-investment-financing nexus of the major UK construction groups. Construction Management and Economics, 15(04), 349-61.

Songer, A D, Diekmann, J E and Pecsok, R (1997) Note - Risk analysis for revenue dependent infrastructure projects. Construction Management and Economics, 15(04), 377-82.

Tse, R Y C and Ganesan, S (1997) Note - Causal relationship between construction flows and output: evidence from Hong Kong. Construction Management and Economics, 15(04), 371-6.