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The Impact of Risks and Uncertainty in the Life Cycle Cost Analysis of Construction Projects: The Case of Energy Analysis on Construction Projects
Abstract
Construction projects are subject to risks and uncertainty that make the final cost of the investment difficult to predict. A life cycle cost analysis incorporating the risks involved could prove useful in the decision-making process. This analysis should be done at the start of the conception phase of the project and work itself along the project's realization. This chapter presents a specific approach for the implementation of a risk-based life cycle cost analysis. The proposed approach covers the risk-based life cycle cost analysis of a construction project, through the incorporation of well-established risk identification and risk analysis methods. The risk identification process regarding the energy-based risks of a residential construction project is performed. Finally, the proposed method is showcased on an illustrative case of a residential building with multiple different energy-based investment scenarios, and its results form the basis for the decision-making of the project.
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