Purpose -This paper seeks to present an approach to the improvement of the risk analysis of construction projects by linking risk analysis to the potential variances in time and cost performance of endogenous variables. This link is synchronous, such that changes in either the cost or time schedule variables are uniquely modelled to the overall time and cost profile of a project. Design/methodology/approach -The presented approach is based on synchronous time and cost scheduling, simulation and the methodology presented here develops technical indicators on the basis of virtual management momentum (VMM). Findings -The paper shows a potential improvement to management decision making by the use of VMM. Senior management can test alternative strategies and develop probability matrices defining the potential results.Research limitations/implications -The current model simulates the impact of endogenous risks, and therefore by implication excludes all exogenous risks. This limitation can be removed by the introduction of other risk vectors, but is beyond the scope of the current research. Originality/value -The mapping technique utilised to display these changes makes the appreciation of such impacts visually simple and is extremely effective in improving the management of endogenous project risk.

Abstract. This article is focused on the process of matching work items into an organized structure in order to semi-automatically identify work items and link them between BIModel and cost estimating software. Several sources are suggesting a computer aided cost estimation based on historical cost data, which is a desired method of cost estimation. However, it is only achievable, if cost data are collected in an organized way and if format of cost data is structured according with defined standards. Those standards can be internal standards of a company, or national, even international standards that clearly define the structure of work items. Since work items are generally named differently throughout various bills of quantities, it should be more suitable to mark and recognize work items by numbered codes that will be defined specifically for each and every work item. The question is, what level of detail of a particular work item should these numbered codes reflect. More specifically, should these numbered codes represent a general group of work items (such as concrete grade, steel grade, size of masonry), or should they represent a detailed representation of work items (such as diameter of reinforcement, type of plaster, etc.). It also states the possible benefits for various stakeholders (client, contractor, designer, architect) throughout the life cycle of a project. It is to support the good practice of BIM in AEC industry. A semi-automatic e-procurement process is presented on the basis of matching work items into an organized structure. This semi-automatic e-procurement process is presented from the main contractor's point of view, however, it also takes into consideration other project's stakeholders. The article takes into consideration two contractual relations, these are Design -Build contract and Design -Bid -Build contract.

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PurposeThe problem of diverse cash flows associated with a construction “project” appear in four progressive cycles. These are the initiating construction cycle and closing deconstruction cycle (devaluation cycle). The effectiveness of any project is given by capitalisation cycle. The optimisation of payback (credit return) cycle is critical for any project.Design/methodology/approachFor calculate of activity durations, cash flows and even we may use the spreadsheet table as a tool for expression of calculation formulas. This approach may offer a mechanism for answers regarding the sensitivity of manageable parameters (say changes in costs, construction speeds, duration of activity). The problem of optimal capacity expansion of construction work as a time dependent problem is studied in many different applied contexts. Traditional capacity planning usually begins with a forecast of demand on the basis of organisational or technological needs.FindingsThe implementation of a technical project carried out in conditions of high production speeds and low time reserves requires changes in technologies, organisation and preparation of construction. In each specific case, a civil engineer needs to know the economic impacts (the capability of applicable calculations).Originality/valueIt is obvious from the given example, which has the same features as the execution of a series of construction projects in recent years, that the myth of the importance of executing works in large volumes ahead of the deadlines has significant financial consequences.

One of the most common disciplines in a business or economic project is timing and resource review. Despite the frequency of use, the level of sophistication is not high enough to maintain its level of importance. Exceeding deadlines and non-compliance with contractual costs is more than common. Moreover, there are projects where uncertainties are a naturally accompanying phenomenon. Research projects, implementation of solutions in a time-limited situation, or in an environment of limited knowledge creates risk. Any project proposal faces future realization risks when its planning management does not know with certainty where the current risks and uncertainties may come from. Decision-making, risk management dynamics, and simulations have developed in recent decades into an erudite and useful discipline. The aim is to indicate how much of the time–cost schedule proposal is stable, controllable, and economically feasible. The approach is based on the idea that modern resource scheduling requires nonlinear dynamic calculating models and simulations. The methodology presented is based on the dynamics of underlying physical and economic processes that form a spatial pattern of a time series. The article’s objective is devoted to the early indication of a dynamic project schedule’s instability and predisposition to bifurcation and chaos. In other words, the aim is to show not only what will happen but how diverse and damaging the project may become in the future.