Whole Life-Cycle Costing Risk and Risk Responses [Hardcover]

With its mixture of established theory, best practice and innovation Whole-life costing: risk and risk responses offers a thorough grounding in both the theory and practical application of WLCC. It will help to improve accuracy of the assessments of long-term effectiveness of projects - now an essential tool for those performing risk analysis in construction investment.

Preface xi

Acknowledgements xiii

Part I: Fundamentals of Whole Life-cycle Costing

1 Towards an Understanding of Whole Life-cycle Costing 3

1.1 Introduction 3

1.2 Whole life-cycle costing: a brief history 4

1.3 Defining whole life-cycle costing 7

1.4 Risk and uncertainty in WLCC 9

1.5 Subjectivity in WLCC 9

1.6 Summary 10

References 10

2 Whole Life-cycle Costing Risk Management 12

2.1 Introduction 12

2.2 Why has the construction industry failed to embrace WLCC? 12

2.3 Why risk assessment in whole life costing? 13

2.4 Data requirements in whole life-cycle costing and risk assessment 15

2.5 Specifying a comprehensive set of objectives and measures for each WLCC component 17

2.6 A framework for whole life costing risk management 22

2.7 Summary 26

References 26

3 Key Decisions in the Whole Life-cycle Costing Process 28

3.1 Introduction 28

3.2 Justification for investment and extraction of client requirements 29

3.3 Key decisions at the conceptual development stage 31

3.4 Key decisions at the detailed design stage 32

3.5 Key decisions at the production stagel&