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Ammar, M A and Mohieldin, Y A (2002) Resource constrained project scheduling using simulation. Construction Management and Economics, 20(04), 323-30.

Arditi, D, Sikangwan, P and Tokdemir, O B (2002) Scheduling system for high rise building construction. Construction Management and Economics, 20(04), 353-64.

Awakul, P and Ogunlana, S O (2002) The effect of attitudinal differences on interface conflicts in large scale construction projects: a case study. Construction Management and Economics, 20(04), 365-77.

Ford, D N, Lander, D M and Voyer, J J (2002) A real options approach to valuing strategic flexibility in uncertain construction projects. Construction Management and Economics, 20(04), 343-51.

  • Type: Journal Article
  • Keywords: project planning; strategy; risk management; real options; project management
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190210125572
  • Abstract:

    To maximize project value, managers of construction projects must recognize, plan for and strategically manage uncertainty. Current construction planning, estimating, and management practices regarding uncertainty can undervalue projects by failing to exploit opportunities to increase project value, as well as minimize risks. Dynamic uncertainties are described as project conditions that cannot be resolved adequately through improved description or planning for pre-project strategy selection. A real options approach is proposed for proactively using strategic flexibility to recognize and capture project values hidden in dynamic uncertainties. An example of a proposal for a toll road project demonstrates a method of valuing managerial flexibility to evaluate and select strategies. Impacts of real options in other domains, along with this example, are the basis for concluding that using a structured real options approach in construction management can increase returns through improved project planning and management. Potential impacts of the use of real options are discussed, and challenges in valuing real options in construction projects are identified as the basis for future research.

Koraltan, S B and Dikbas, A (2002) An assessment of the applicability of partnering in the Turkish construction sector. Construction Management and Economics, 20(04), 315-21.

Shohet, I M, Puterman, M and Gilboa, E (2002) Deterioration patterns of building cladding components for maintenance management. Construction Management and Economics, 20(04), 305-14.

Tay, L and Morgan, N A (2002) Antecedents and consequences of market orientation in chartered surveying firms. Construction Management and Economics, 20(04), 331-41.