Fuzzy Logic Model for Determining Minimum Overheads-Cum-Markup Rate

Chao, Li-Chung; Liaw, Shinn-Jye

doi:10.1061/(asce)co.1943-7862.0001632

Cited by 11 publications

(3 citation statements)

References 21 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The price of the construction product usually is determined by the cost of production plus a markup (Chao and Liaw 2019). With so much uncertainty in a pandemic, contractors might have difficulty submitting viable bids because they are not able to price the markup accurately.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In the years before the pandemic, construction output was stable, with payments certified at S$27.9 billion, S$26.6 billion and S$28.3 billion in 2017, 2018, and 2019, respectively (BCA 2021b. The total value of progress payments certified in 2020 was S$19.7 billion, a decrease of 29.4%, 25.9%, and 30.4% compared with those in 2017, 2018, and 2019, respectively.…”

Section: Construction Output: Value Of Progress Payments Certifiedmentioning

confidence: 99%

See 1 more Smart Citation

Impact of COVID-19 Pandemic on Demand, Output, and Outcomes of Construction Projects in Singapore

2022

View full text Add to dashboard Cite

This study investigated the impact of COVID-19 pandemic on Singapore's construction industry in terms of construction demand, output, prices and project performance. A three-pronged research approach was adopted: a survey, analyzing published statistical data, and conducting in-depth interviews with subject matter experts. The survey revealed that projects suffered significant delays and cost overruns and lower quality. It was found that construction demand and output decreased by 27.9% and 28.6%, respectively. Some project owners postponed awarding contracts or calling tenders because prices exceeded their budgets. While waiting for bid prices to decrease, they re-evaluated the feasibility, scope, design, budget, and timeline of their projects. Contraction of construction output was found to be due to a severe shortage of labor and to lower productivity as a consequence of complying with many safe management measures. The results of autoregressive time-series modeling predicted that tender prices will continue to rise in the short term before decreasing after mid-2022. Although manual labor may be replaced by productive technologies if technology is cheaper than labor, this was not found to be the case. The originality of this research is that it empirically quantified project outcomes due to the pandemic and predicted tender price indexes for the next 5 years. These predicted indexes are useful for estimating the risk and markup to be added to the base construction cost. The value of this research is that it informs policy makers that regulations need to be enacted to compel the adoption of productive technologies to reduce reliance on labor. Otherwise, the worker shortage problems faced in this pandemic may continue to surface in future pandemics. The implication of adopting productive technologies is that project owners must increase the project budget because these technologies cost more than manual labor. However, the cost might be passed to end users, who will end up paying more.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

Section: Construction Output: Value Of Progress Payments Certifiedmentioning

confidence: 99%

Impact of COVID-19 Pandemic on Demand, Output, and Outcomes of Construction Projects in Singapore

2022

View full text Add to dashboard Cite

show abstract

“…This universal aspect of fuzzy logic allows to apply it in business decision making, negotiation management and commerce processes, based mainly on the experience gained in the management of processes where classical systems have limited behavior (Almutairi, Salonitis, & Al-Ashaab, 2019;Chao & Liaw, 2019).…”

Section: Introductionmentioning

confidence: 99%

Fuzzy Logic in Business, Management and Accounting

Hernández¹,

Hidalgo²

2020

OJBM

View full text Add to dashboard Cite

The aim of the paper is to show the implementation of fuzzy logic in business, administration and accounting, through the research published in Scopus. The results of the document focus on the following sections: 1) Fuzzy set theory, in business, administration and accounting. 2) Analysis of fuzzy logic bibliometrics in business, administration and accounting. 3) Identification and characterization of the documents or seminal documents most cited in applications of fuzzy logic in business, administration and accounting. The method used in this contribution is documentary research using the Scopus database and the VOSviewer science bibliometric analysis and mapping tool. In the future, this computational practice will focus on new diffuse models and the combination of these with other artificial intelligence techniques such as neural networks, genetic algorism, forage bacteria, among others.

show abstract

Identifying Significant Factors and Research Needs Related to Construction Bidding Decision-Making Processes

Ahmed,

El-adaway

2024

Lecture Notes in Civil Engineering

View full text Add to dashboard Cite

Fuzzy Logic Model for Determining Minimum Overheads-Cum-Markup Rate

Cited by 11 publications

References 21 publications

Impact of COVID-19 Pandemic on Demand, Output, and Outcomes of Construction Projects in Singapore

Impact of COVID-19 Pandemic on Demand, Output, and Outcomes of Construction Projects in Singapore

Fuzzy Logic in Business, Management and Accounting

Identifying Significant Factors and Research Needs Related to Construction Bidding Decision-Making Processes

Contact Info

Product

Resources

About