Τα τελευταία χρόνια έχουν συναφθεί ΣΔΙΤ σε πολλούς τομείς της αρμοδιότητας του δημοσίου, στον χώρ... more Τα τελευταία χρόνια έχουν συναφθεί ΣΔΙΤ σε πολλούς τομείς της αρμοδιότητας του δημοσίου, στον χώρο της Ευρωπαϊκής Ένωσης. Με δεδομένη τη δημοσιονομική κατάσταση της Ελλάδας και την ύπαρξη πλέον συγκεκριμένου θεσμικού πλαισίου, οι ΣΔΙΤ θα βρουν σταδιακά σημαντικό πεδίο εφαρμογής. H εφαρμογή των ΣΔΙΤ δεν πρέπει να θεωρείται a priori θετική, ούτε και αρνητική, είναι απαραίτητο, όμως, να λαμβάνονται υπ’ όψη μια σειρά από κρίσιμους για την επιτυχία της παράγοντες.Επειδή το σχετικό μέγεθος της αγοράς στον τομέα της υγείας εκτιμάται ιδιαίτερα σημαντικό, αναμένεται μεγάλο ενδιαφέρον επενδυτών για τα έργα κατασκευής και διαχείρισης υποδομών Υγείας. Για την υλοποίηση έργων και υπηρεσιών του τομέα της Υγείας με διαδικασίες ΣΔΙΤ, ωστόσο, υπάρχουν και σημαντικοί ανασταλτικοί παράγοντες, με κυριότερους το θεσμικό πλαίσιο και την οικονομική κατάσταση των Νοσοκομείων, αλλά και τις ιδιαιτερότητες του υγειονομικού τομέα. Η εμπειρία από παρεμφερείς προσπάθειες ΣΔΙΤ που έγιναν μέχρι σήμερα σε άλλες χώρ...
The role of a project Manager is of special importance to the economic prosperity and viability o... more The role of a project Manager is of special importance to the economic prosperity and viability of construction enterprises. This research is aiming at defining the Greek project Managers’ dominant cognitive abilities and personality characteristics. An effort is made to identify key attributes associated with successful project manager performance and career development. A new survey was conducted using a structured questionnaire, which was based on Aretoulis et al. (2014). The questionnaire was based on international literature and extensive interviews with Greek project engineers. The study statistically analyzes and identifies the most significant attributes. The outcome of the study creates a profile of the competent project manager, and would be important for career orientation of future engineers and at the same time provides insight for academic study courses.
Civil engineering projects include several uncertainties and risks, due to the special characteri... more Civil engineering projects include several uncertainties and risks, due to the special characteristics of construction industry. Time and cost are two parameters that could potentially lead to successful and conforming to regulations production of projects. It is imperative to estimate correctly the development and the final outcome of these parameters. Various tools have been applied in order to create more accurate estimations. In this paper, a prototype system will be presented, which aims at predicting the final cost, based on information available at the bidding stage. The methodology will be based on a combination of regression analysis and case-based reasoning in order to produce models for the prediction of final cost. These models will incorporate a process view and will depend on activity based costing methodology to estimate the process cost.
ABSTRACT Financial crisis is particularly acute in Greece. Public Private Partnerships (PPPs), un... more ABSTRACT Financial crisis is particularly acute in Greece. Public Private Partnerships (PPPs), under these conditions, appear as a “reasonable” strategic decision. A PPP’s project implementation requires a high level of preparation, especially in the sensitive area of the National Health System (NHS). The implementation of PPPs projects in Health Sector, has recently initiated in Greece, while the relevant legal framework has been already voted since 2005. Many people express reservations about the extent and the content of this implementation. The aim of the current survey was to measure the satisfaction of health professionals in the public sector from the existing infrastructures and the assessment of their attitude to the prospect of PPP’s application to upgrade health infrastructure and health services. Results focus on the response of the hospital executive personnel towards PPP’s implementation. The research found a generally positive response to PPPs, while at the same time this approach is being characterized as a last resort. The positive reaction was identified in the involvement of the private sector, in providing support services during the contract, according to the current legislative framework. On the other hand, there is a significant opposition towards any prospect of transferring to the private investor, services related to medical and nursing care.
This paper aims to present the financial status of companies in the Greek construction industry d... more This paper aims to present the financial status of companies in the Greek construction industry during the economic crisis as well as their effort in tackling the emerging issues. In order for that to be achieved, a financial analysis was conducted, based on the calculation of financial ratios. The selected enterprises for examination included four from the construction industry and four from the construction materials’ industry. The examined ratios included: current ratio, quick ratio, return on net worth, net profit margin, gross profit margin and ratio of owners equity to total liabilities. The ratios were calculated for the years 2008 to 2011 on a quarterly basis. A significant problem the construction sector faces is liquidity due to the delay in obtaining revenues regarding the construction projects. Moreover, because of the high expenditure of related projects and due to the considerable cash discounts on tender offers in auctions, the profit margins decrease. On the other hand, the upward trend of the ratio of owners’ equity to total liabilities illustrates that companies try to rely on their own funds and not on loans.
During the construction phase one important factor that facilitates project cost monitoring and c... more During the construction phase one important factor that facilitates project cost monitoring and control is the selection of the appropriate construction material suppliers. Material vendors’ performance could significantly affect the project’s outcome especially its final cost and schedule. This paper aims at providing a standardized approach in selecting the best supplier through the formation and use of an appropriate mathematical equation based on multiple criteria. The creation of the function is based on a prototype questionnaire survey. The participants were presented with a predefined set of criteria and were asked to rank them according to their significance. Various statistical methods and techniques were applied to the collected data that produced a number of justified results. Comparison and synthesis of the various outcomes led to the creation of the optimal function for the best supplier selection problem.
This paper presents an application which acts as module that collects and combines all the cost d... more This paper presents an application which acts as module that collects and combines all the cost data under a user – friendly interface, aiming at a total monitoring and control of the whole project budget. The key for a successful project implementation is the continuous monitoring and control of the cost development during construction. The proposed application is the central part of an integrated cost monitoring and control system. The system is based on spreadsheets and Visual Basic for Applications. The research presents the structure, implementation and data provided to the end user. At the same time all data flows among this central module and all sub-modules is depicted in the paper. Conclusions regarding the module performance along with suggestions for future improvements are discussed.
The current paper emphasizes the significance of cost control as part of the total cost managemen... more The current paper emphasizes the significance of cost control as part of the total cost management. Cost, time and quality are parameters that require special attention in the construction enterprises. After the scope of the project is defined, it is necessary to monitor and control the changes originating from the project contractor, sub-contractor or supplier. An appropriate approach is essential in order to identify the changes and transform them into terms of quantities and cost. In addition, all deviations from the initial cost should be considered in the final cost. The paper is presenting an application based on spreadsheets (MS Excel) for project invoicing. The application is part of a generic integrated system for cost monitoring and control. The application’s structure and operation, the data flows and their dependencies will be presented along with the conclusions of its operation.
During the design and construction phase one significant factor for the project’s successful outc... more During the design and construction phase one significant factor for the project’s successful outcome, is the selection of the appropriate construction equipment supplier. It is important to choose wisely the best supplier, as his performance could potentially affect the project schedule and final cost. This paper, aims at providing a standardized approach in selecting the best supplier, through the use of an appropriate mathematical function. The synthesis of the specific function is based on research conducted through a prototype questionnaire survey. The survey aimed at defining weights for a predefined set of criteria, concerning the selection of equipment suppliers. After the completion of the survey, the data was statistically analyzed. The application employed was the SPSS. The various statistical results were compared and the criteria weights were estimated. The research findings led to the construction of a final function which attributes scores to each of the construction equipment supplier and indicate the best choice for the project under consideration.
This study is discussing the personality characteristics, cognitive abilities and body of knowled... more This study is discussing the personality characteristics, cognitive abilities and body of knowledge that synthesize the profile of successful project managers and designers. The paper determines the principal characteristics and skills which enable engineers in the construction industry to excel either as project managers or as designers. Our hypothesis suggests that personality characteristics and cognitive abilities could potentially function as prerequisites or enablers in a career path. Behavioural characteristics and skills are identified through a series of focus groups’ questionnaire surveys. Statistical analysis of the answers highlight personality characteristics and cognitive abilities. The results are then compared to findings from literature. Finally, appropriate psychometric tests are proposed in order to quantify these characteristics and skills. This methodology could standardize the selection procedures and implement similar approaches in improving and managing human resources in Greek construction industry.
During the last few decades many developments in computer science, software programming and appli... more During the last few decades many developments in computer science, software programming and application production have been adopted by various engineering disciplines. These developments are mostly focusing on Artificial Intelligence Techniques. Therefore, a number of definitions are presented, which focus on the concept of Artificial Intelligence from different viewpoints. This paper reviews existing applications of Artificial Intelligence (A.I.) that facilitate cost management in civil engineering projects. An analysis of the Artificial Intelligence in its specific partial branches is presented. These branches or approaches contributed to the creation of a significant group of models that concern analysis, interpretation and prediction of various parameters. A list of selected, up to date models is provided, that concern cost management for civil engineering projects. The models are analyzed according to the activity, field of operation, input and output data and the methods and techniques they implent. It becomes clear that Artifial Intelligence will be the future essential tool for every engineer and it will lead to significant improvements in the construction sector.
Nowadays, due to the financial crisis and the rapid changes in the financial environment of busin... more Nowadays, due to the financial crisis and the rapid changes in the financial environment of businesses, the interest in the management of these changes has increased significantly. After a long period of prosperity, businesses (especially those which belong to the technical sector) are forced to change their way of organization and function. The dangers are lurking even in the simplest form of investment. All these risk factors should be defined with slight variations whether they derive from the internal environment of the enterprises or they are molded by the changes of their external environment. This paper investigates the reaction of businesses in the processes of reformation and change. The differences in the business environment before and after the onset of a crisis are examined along with the factors influencing the design and implementation of business strategy. Furthermore, the extent of influence of each company’s characteristics (number of employees, certification of quality assurance system, sector of activity) is assessed in the exported survey results. During the analysis it was concluded that all enterprises are not ranked at the same level in reference to the change. In this process various factors play a significant role, such as the size of the business or the existence of an established quality system. What is encouraging is that the financial crisis has forced businesses to change their organizational framework in order to be able to adjust to new situational framework more quickly and more efficiently.
Nowadays, enterprises find themselves in a process of continuous change, where the challenges of ... more Nowadays, enterprises find themselves in a process of continuous change, where the challenges of exterior environment, the progress of technology, the evolutions in the communications and the speed of transfer and exchange of information require more effective and flexible decision-making for the increase of competitiveness, effectiveness and quality. In this paper the issue of motivation and reformation is addressed, focused on a case study of approaching of 21 enterprises-mainly of the construction / technical industry, examining the practices they follow on the issue of motivation towards increasing their productivity and profitability, as well as its intended motivation to reform their structure and operational framework. In this paper the issue of motivation and reformation will be addressed focused on a case study approach of businesses, the practices they follow on the issue of motivation towards increasing their productivity and profitability, as well as its intended motivation to reform their structure and operational framework.
The current research focuses on the use of composite factors composed from financial ratios of an... more The current research focuses on the use of composite factors composed from financial ratios of annual financial statements for studying the performance of construction enterprises. The research follows the methodology of Ocal et al. (2007) and relies on nine financial ratios, out of the 24 ones initially considered, which make up the composite factors. For this particular study, financial statements from five of the largest British construction companies listed among the twenty most profitable construction groups in United Kingdom were used. Through principal component analysis it has been able to create three new factors replacing the nine selected financial ratios and explaining 85% of the total variance of the initial factors representing the performance and the financial status of the five construction companies. The new factors identified in this research pertain a) to activity, b) to liquidity and c) to profit margin and development potential of the companies. These three factors can explain the combined effect of otherwise single financial ratios. This approach can be quite useful in examining in a comparative way firms of similar size in the same sector, provided that detailed financial data following the same spesifications will be maintained.
The process of competitive bidding in the Greek Construction Industry is of vital importance. Usu... more The process of competitive bidding in the Greek Construction Industry is of vital importance. Usually the task of creating project budgets and producing a bidding offer is taking place in an ad hoc manner and a piecemeal way. That is the main reason why most of the construction projects that span over a long period of time tend to experience severe cost overruns. It becomes quite obvious that the task of estimating should be carefully considered. Creating accurate and reliable estimates could potentially lead to a high level of profit for the project contractor. The prediction of project cost depends on the experience of the cost engineer and the available means and methods for the necessary estimations. This paper presents firstly the architecture for a spreadsheet based system which aims at facilitating the task of project cost estimation. This system is implemented using MS Excel and VBA (Visual Basic for Applications) with a case study. The advantages and disadvantages of such an approach are discussed and at the same time the required improvements and performance of the system are analyzed. Finally, future work concerning a proposal for the development of a more sophisticated and improved approach is presented.
In construction project management, time, quality and cost are parameters which require special a... more In construction project management, time, quality and cost are parameters which require special attention, due to the unique characteristics of the construction industry. In general, projects that span over a long period of time tend to present time and cost overruns compared to the initial estimates It is imperative to estimate correctly these parameters. Various tools have been applied in order to create accurate estimates. Site personnel costs are the most variable element of the project construction budget. Therefore, personnel cost control is paramount to profitability for all contractors. Owners also need to control personnel costs for work performed in – house, and for work performed by contractors on a reimbursable basis. The cost of site personnel is considerably in excess of the basic wage rates in some areas than in others due to several factors. On a typical building project, using personnel employed directly by the contractor, the personnel content will approximate 30 per cent of the project cost. Aiming at controlling costs, project management must first develop a realistic budget. Furthermore, in order to maintain an accurate budget, project management must continually compare the actual costs with the initial budget to identify deviations. Once deviations are identified, project management must take swift corrective action to minimize cost overruns. Creating realistic budgets and maintaining them requires an excellent and efficient cost control system for controlling site personnel cost. This paper identifies and delineates the significance of controlling site personnel cost especially when it comes to projects constructed abroad, where the cost of personnel increases dramatically. Then, a proposed system based on MS Excel and VBA (Visual Basic for Applications) for controlling site personnel cost is presented. The proposed approach emphasizes the relationship between time advancement, personnel cost deployment and physical project progress.
A subject of great importance and the basis for efficient management of every construction projec... more A subject of great importance and the basis for efficient management of every construction project is the elaboration of reliable and accurate cost estimates. It is a fact that accurate cost estimation alone could not assure project success, what is still required is an efficient cost tracking and cost control system during the construction phase of the project. It is a general rule that construction projects have the tendency to experience severe cost and time overruns. At the same time it is also true that a great deal of cost information is accumulated at the job site. This information could affect directly or indirectly, the built-up of the cost parameter. What is needed, besides collecting and storing all this data, is a standard way for classifying, that presents and processes the available information. In this paper, the appropriate set of modules necessary to facilitate tracking and controlling of the cost factor in a reliable and realistic manner is identified. These modules are defined and their content is presented and analyzed. They are based on MS Excel and VBA (Visual Basic for Applications) and provide useful information for all aspects of cost occurring during the construction of a project. Finally, future work on improving the proposed system is presented.
Whatever system of cost prediction is used, it is highly probable that actual costs incurred in t... more Whatever system of cost prediction is used, it is highly probable that actual costs incurred in the production process will differ from those predicted. As there are very many causes of variances, it is desirable to implement a monitoring system which permits the occurrence, amount and causes of variances to be detected at an early stage in order that corrective measures can be implemented. It is a general truth that the size of plant used on a project increases as the size of the project increases. This trend is likely to continue and, indeed, will probably be increased and improved by the tendency for construction to become an on-site assembly process and a more mechanized process. Thus, plant costs are likely to increase as a proportion of total project costs. Furthermore, control of cost is an important consideration for a successful project and a project that conforms to implementations regulations. It is imperative to estimate correctly the development and the final outcome of this parameter. One of the aspects of costs that need to be carefully considered is the cost of “plants and equipments”. This paper firstly defines and highlights the term “cost of plants and equipments” by analyzing the content, essence and parameters of these cost elements, identifying their special characteristics and delineating their relation to other cost categories. Then the necessary spreadsheets required to control this cost category are presented and their need is justified. The information required for each spreadsheet based application for controlling the cost of Plants and Equipments is highlighted and explained in detail. Finally, the relationship between cost development, time and project execution is highlighted, and the interrelationship with other cost control modules is becoming evident.
Τα τελευταία χρόνια έχουν συναφθεί ΣΔΙΤ σε πολλούς τομείς της αρμοδιότητας του δημοσίου, στον χώρ... more Τα τελευταία χρόνια έχουν συναφθεί ΣΔΙΤ σε πολλούς τομείς της αρμοδιότητας του δημοσίου, στον χώρο της Ευρωπαϊκής Ένωσης. Με δεδομένη τη δημοσιονομική κατάσταση της Ελλάδας και την ύπαρξη πλέον συγκεκριμένου θεσμικού πλαισίου, οι ΣΔΙΤ θα βρουν σταδιακά σημαντικό πεδίο εφαρμογής. H εφαρμογή των ΣΔΙΤ δεν πρέπει να θεωρείται a priori θετική, ούτε και αρνητική, είναι απαραίτητο, όμως, να λαμβάνονται υπ’ όψη μια σειρά από κρίσιμους για την επιτυχία της παράγοντες.Επειδή το σχετικό μέγεθος της αγοράς στον τομέα της υγείας εκτιμάται ιδιαίτερα σημαντικό, αναμένεται μεγάλο ενδιαφέρον επενδυτών για τα έργα κατασκευής και διαχείρισης υποδομών Υγείας. Για την υλοποίηση έργων και υπηρεσιών του τομέα της Υγείας με διαδικασίες ΣΔΙΤ, ωστόσο, υπάρχουν και σημαντικοί ανασταλτικοί παράγοντες, με κυριότερους το θεσμικό πλαίσιο και την οικονομική κατάσταση των Νοσοκομείων, αλλά και τις ιδιαιτερότητες του υγειονομικού τομέα. Η εμπειρία από παρεμφερείς προσπάθειες ΣΔΙΤ που έγιναν μέχρι σήμερα σε άλλες χώρ...
The role of a project Manager is of special importance to the economic prosperity and viability o... more The role of a project Manager is of special importance to the economic prosperity and viability of construction enterprises. This research is aiming at defining the Greek project Managers’ dominant cognitive abilities and personality characteristics. An effort is made to identify key attributes associated with successful project manager performance and career development. A new survey was conducted using a structured questionnaire, which was based on Aretoulis et al. (2014). The questionnaire was based on international literature and extensive interviews with Greek project engineers. The study statistically analyzes and identifies the most significant attributes. The outcome of the study creates a profile of the competent project manager, and would be important for career orientation of future engineers and at the same time provides insight for academic study courses.
Civil engineering projects include several uncertainties and risks, due to the special characteri... more Civil engineering projects include several uncertainties and risks, due to the special characteristics of construction industry. Time and cost are two parameters that could potentially lead to successful and conforming to regulations production of projects. It is imperative to estimate correctly the development and the final outcome of these parameters. Various tools have been applied in order to create more accurate estimations. In this paper, a prototype system will be presented, which aims at predicting the final cost, based on information available at the bidding stage. The methodology will be based on a combination of regression analysis and case-based reasoning in order to produce models for the prediction of final cost. These models will incorporate a process view and will depend on activity based costing methodology to estimate the process cost.
ABSTRACT Financial crisis is particularly acute in Greece. Public Private Partnerships (PPPs), un... more ABSTRACT Financial crisis is particularly acute in Greece. Public Private Partnerships (PPPs), under these conditions, appear as a “reasonable” strategic decision. A PPP’s project implementation requires a high level of preparation, especially in the sensitive area of the National Health System (NHS). The implementation of PPPs projects in Health Sector, has recently initiated in Greece, while the relevant legal framework has been already voted since 2005. Many people express reservations about the extent and the content of this implementation. The aim of the current survey was to measure the satisfaction of health professionals in the public sector from the existing infrastructures and the assessment of their attitude to the prospect of PPP’s application to upgrade health infrastructure and health services. Results focus on the response of the hospital executive personnel towards PPP’s implementation. The research found a generally positive response to PPPs, while at the same time this approach is being characterized as a last resort. The positive reaction was identified in the involvement of the private sector, in providing support services during the contract, according to the current legislative framework. On the other hand, there is a significant opposition towards any prospect of transferring to the private investor, services related to medical and nursing care.
This paper aims to present the financial status of companies in the Greek construction industry d... more This paper aims to present the financial status of companies in the Greek construction industry during the economic crisis as well as their effort in tackling the emerging issues. In order for that to be achieved, a financial analysis was conducted, based on the calculation of financial ratios. The selected enterprises for examination included four from the construction industry and four from the construction materials’ industry. The examined ratios included: current ratio, quick ratio, return on net worth, net profit margin, gross profit margin and ratio of owners equity to total liabilities. The ratios were calculated for the years 2008 to 2011 on a quarterly basis. A significant problem the construction sector faces is liquidity due to the delay in obtaining revenues regarding the construction projects. Moreover, because of the high expenditure of related projects and due to the considerable cash discounts on tender offers in auctions, the profit margins decrease. On the other hand, the upward trend of the ratio of owners’ equity to total liabilities illustrates that companies try to rely on their own funds and not on loans.
During the construction phase one important factor that facilitates project cost monitoring and c... more During the construction phase one important factor that facilitates project cost monitoring and control is the selection of the appropriate construction material suppliers. Material vendors’ performance could significantly affect the project’s outcome especially its final cost and schedule. This paper aims at providing a standardized approach in selecting the best supplier through the formation and use of an appropriate mathematical equation based on multiple criteria. The creation of the function is based on a prototype questionnaire survey. The participants were presented with a predefined set of criteria and were asked to rank them according to their significance. Various statistical methods and techniques were applied to the collected data that produced a number of justified results. Comparison and synthesis of the various outcomes led to the creation of the optimal function for the best supplier selection problem.
This paper presents an application which acts as module that collects and combines all the cost d... more This paper presents an application which acts as module that collects and combines all the cost data under a user – friendly interface, aiming at a total monitoring and control of the whole project budget. The key for a successful project implementation is the continuous monitoring and control of the cost development during construction. The proposed application is the central part of an integrated cost monitoring and control system. The system is based on spreadsheets and Visual Basic for Applications. The research presents the structure, implementation and data provided to the end user. At the same time all data flows among this central module and all sub-modules is depicted in the paper. Conclusions regarding the module performance along with suggestions for future improvements are discussed.
The current paper emphasizes the significance of cost control as part of the total cost managemen... more The current paper emphasizes the significance of cost control as part of the total cost management. Cost, time and quality are parameters that require special attention in the construction enterprises. After the scope of the project is defined, it is necessary to monitor and control the changes originating from the project contractor, sub-contractor or supplier. An appropriate approach is essential in order to identify the changes and transform them into terms of quantities and cost. In addition, all deviations from the initial cost should be considered in the final cost. The paper is presenting an application based on spreadsheets (MS Excel) for project invoicing. The application is part of a generic integrated system for cost monitoring and control. The application’s structure and operation, the data flows and their dependencies will be presented along with the conclusions of its operation.
During the design and construction phase one significant factor for the project’s successful outc... more During the design and construction phase one significant factor for the project’s successful outcome, is the selection of the appropriate construction equipment supplier. It is important to choose wisely the best supplier, as his performance could potentially affect the project schedule and final cost. This paper, aims at providing a standardized approach in selecting the best supplier, through the use of an appropriate mathematical function. The synthesis of the specific function is based on research conducted through a prototype questionnaire survey. The survey aimed at defining weights for a predefined set of criteria, concerning the selection of equipment suppliers. After the completion of the survey, the data was statistically analyzed. The application employed was the SPSS. The various statistical results were compared and the criteria weights were estimated. The research findings led to the construction of a final function which attributes scores to each of the construction equipment supplier and indicate the best choice for the project under consideration.
This study is discussing the personality characteristics, cognitive abilities and body of knowled... more This study is discussing the personality characteristics, cognitive abilities and body of knowledge that synthesize the profile of successful project managers and designers. The paper determines the principal characteristics and skills which enable engineers in the construction industry to excel either as project managers or as designers. Our hypothesis suggests that personality characteristics and cognitive abilities could potentially function as prerequisites or enablers in a career path. Behavioural characteristics and skills are identified through a series of focus groups’ questionnaire surveys. Statistical analysis of the answers highlight personality characteristics and cognitive abilities. The results are then compared to findings from literature. Finally, appropriate psychometric tests are proposed in order to quantify these characteristics and skills. This methodology could standardize the selection procedures and implement similar approaches in improving and managing human resources in Greek construction industry.
During the last few decades many developments in computer science, software programming and appli... more During the last few decades many developments in computer science, software programming and application production have been adopted by various engineering disciplines. These developments are mostly focusing on Artificial Intelligence Techniques. Therefore, a number of definitions are presented, which focus on the concept of Artificial Intelligence from different viewpoints. This paper reviews existing applications of Artificial Intelligence (A.I.) that facilitate cost management in civil engineering projects. An analysis of the Artificial Intelligence in its specific partial branches is presented. These branches or approaches contributed to the creation of a significant group of models that concern analysis, interpretation and prediction of various parameters. A list of selected, up to date models is provided, that concern cost management for civil engineering projects. The models are analyzed according to the activity, field of operation, input and output data and the methods and techniques they implent. It becomes clear that Artifial Intelligence will be the future essential tool for every engineer and it will lead to significant improvements in the construction sector.
Nowadays, due to the financial crisis and the rapid changes in the financial environment of busin... more Nowadays, due to the financial crisis and the rapid changes in the financial environment of businesses, the interest in the management of these changes has increased significantly. After a long period of prosperity, businesses (especially those which belong to the technical sector) are forced to change their way of organization and function. The dangers are lurking even in the simplest form of investment. All these risk factors should be defined with slight variations whether they derive from the internal environment of the enterprises or they are molded by the changes of their external environment. This paper investigates the reaction of businesses in the processes of reformation and change. The differences in the business environment before and after the onset of a crisis are examined along with the factors influencing the design and implementation of business strategy. Furthermore, the extent of influence of each company’s characteristics (number of employees, certification of quality assurance system, sector of activity) is assessed in the exported survey results. During the analysis it was concluded that all enterprises are not ranked at the same level in reference to the change. In this process various factors play a significant role, such as the size of the business or the existence of an established quality system. What is encouraging is that the financial crisis has forced businesses to change their organizational framework in order to be able to adjust to new situational framework more quickly and more efficiently.
Nowadays, enterprises find themselves in a process of continuous change, where the challenges of ... more Nowadays, enterprises find themselves in a process of continuous change, where the challenges of exterior environment, the progress of technology, the evolutions in the communications and the speed of transfer and exchange of information require more effective and flexible decision-making for the increase of competitiveness, effectiveness and quality. In this paper the issue of motivation and reformation is addressed, focused on a case study of approaching of 21 enterprises-mainly of the construction / technical industry, examining the practices they follow on the issue of motivation towards increasing their productivity and profitability, as well as its intended motivation to reform their structure and operational framework. In this paper the issue of motivation and reformation will be addressed focused on a case study approach of businesses, the practices they follow on the issue of motivation towards increasing their productivity and profitability, as well as its intended motivation to reform their structure and operational framework.
The current research focuses on the use of composite factors composed from financial ratios of an... more The current research focuses on the use of composite factors composed from financial ratios of annual financial statements for studying the performance of construction enterprises. The research follows the methodology of Ocal et al. (2007) and relies on nine financial ratios, out of the 24 ones initially considered, which make up the composite factors. For this particular study, financial statements from five of the largest British construction companies listed among the twenty most profitable construction groups in United Kingdom were used. Through principal component analysis it has been able to create three new factors replacing the nine selected financial ratios and explaining 85% of the total variance of the initial factors representing the performance and the financial status of the five construction companies. The new factors identified in this research pertain a) to activity, b) to liquidity and c) to profit margin and development potential of the companies. These three factors can explain the combined effect of otherwise single financial ratios. This approach can be quite useful in examining in a comparative way firms of similar size in the same sector, provided that detailed financial data following the same spesifications will be maintained.
The process of competitive bidding in the Greek Construction Industry is of vital importance. Usu... more The process of competitive bidding in the Greek Construction Industry is of vital importance. Usually the task of creating project budgets and producing a bidding offer is taking place in an ad hoc manner and a piecemeal way. That is the main reason why most of the construction projects that span over a long period of time tend to experience severe cost overruns. It becomes quite obvious that the task of estimating should be carefully considered. Creating accurate and reliable estimates could potentially lead to a high level of profit for the project contractor. The prediction of project cost depends on the experience of the cost engineer and the available means and methods for the necessary estimations. This paper presents firstly the architecture for a spreadsheet based system which aims at facilitating the task of project cost estimation. This system is implemented using MS Excel and VBA (Visual Basic for Applications) with a case study. The advantages and disadvantages of such an approach are discussed and at the same time the required improvements and performance of the system are analyzed. Finally, future work concerning a proposal for the development of a more sophisticated and improved approach is presented.
In construction project management, time, quality and cost are parameters which require special a... more In construction project management, time, quality and cost are parameters which require special attention, due to the unique characteristics of the construction industry. In general, projects that span over a long period of time tend to present time and cost overruns compared to the initial estimates It is imperative to estimate correctly these parameters. Various tools have been applied in order to create accurate estimates. Site personnel costs are the most variable element of the project construction budget. Therefore, personnel cost control is paramount to profitability for all contractors. Owners also need to control personnel costs for work performed in – house, and for work performed by contractors on a reimbursable basis. The cost of site personnel is considerably in excess of the basic wage rates in some areas than in others due to several factors. On a typical building project, using personnel employed directly by the contractor, the personnel content will approximate 30 per cent of the project cost. Aiming at controlling costs, project management must first develop a realistic budget. Furthermore, in order to maintain an accurate budget, project management must continually compare the actual costs with the initial budget to identify deviations. Once deviations are identified, project management must take swift corrective action to minimize cost overruns. Creating realistic budgets and maintaining them requires an excellent and efficient cost control system for controlling site personnel cost. This paper identifies and delineates the significance of controlling site personnel cost especially when it comes to projects constructed abroad, where the cost of personnel increases dramatically. Then, a proposed system based on MS Excel and VBA (Visual Basic for Applications) for controlling site personnel cost is presented. The proposed approach emphasizes the relationship between time advancement, personnel cost deployment and physical project progress.
A subject of great importance and the basis for efficient management of every construction projec... more A subject of great importance and the basis for efficient management of every construction project is the elaboration of reliable and accurate cost estimates. It is a fact that accurate cost estimation alone could not assure project success, what is still required is an efficient cost tracking and cost control system during the construction phase of the project. It is a general rule that construction projects have the tendency to experience severe cost and time overruns. At the same time it is also true that a great deal of cost information is accumulated at the job site. This information could affect directly or indirectly, the built-up of the cost parameter. What is needed, besides collecting and storing all this data, is a standard way for classifying, that presents and processes the available information. In this paper, the appropriate set of modules necessary to facilitate tracking and controlling of the cost factor in a reliable and realistic manner is identified. These modules are defined and their content is presented and analyzed. They are based on MS Excel and VBA (Visual Basic for Applications) and provide useful information for all aspects of cost occurring during the construction of a project. Finally, future work on improving the proposed system is presented.
Whatever system of cost prediction is used, it is highly probable that actual costs incurred in t... more Whatever system of cost prediction is used, it is highly probable that actual costs incurred in the production process will differ from those predicted. As there are very many causes of variances, it is desirable to implement a monitoring system which permits the occurrence, amount and causes of variances to be detected at an early stage in order that corrective measures can be implemented. It is a general truth that the size of plant used on a project increases as the size of the project increases. This trend is likely to continue and, indeed, will probably be increased and improved by the tendency for construction to become an on-site assembly process and a more mechanized process. Thus, plant costs are likely to increase as a proportion of total project costs. Furthermore, control of cost is an important consideration for a successful project and a project that conforms to implementations regulations. It is imperative to estimate correctly the development and the final outcome of this parameter. One of the aspects of costs that need to be carefully considered is the cost of “plants and equipments”. This paper firstly defines and highlights the term “cost of plants and equipments” by analyzing the content, essence and parameters of these cost elements, identifying their special characteristics and delineating their relation to other cost categories. Then the necessary spreadsheets required to control this cost category are presented and their need is justified. The information required for each spreadsheet based application for controlling the cost of Plants and Equipments is highlighted and explained in detail. Finally, the relationship between cost development, time and project execution is highlighted, and the interrelationship with other cost control modules is becoming evident.
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