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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
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Author(s): Konstantinos Kirytopoulos (National Technical University of Athens, Greece), Vasileios Sarlis (National Technical University of Athens, Greece), Dimitris Marinakis (National Technical University of Athens, Greece)and Theodoros Kalogeropoulos (National Technical University of Athens, Greece)
Copyright: 2024
Pages: 26
Source title:
Financial Evaluation and Risk Management of Infrastructure Projects
Source Author(s)/Editor(s): Kleopatra Petroutsatou (Aristotle University of Thessaloniki, Greece)and Constantin Zopounidis (Technical University of Crete, Greece & Audencia Business School, France)
DOI: 10.4018/978-1-6684-7786-1.ch002
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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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