The Optimal Strategy of Using BIM in Construction Management

Cong Liang (), Rong Zhang () and Weisheng Lu ()
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Cong Liang: The University of Hong Kong
Rong Zhang: The University of Hong Kong
Weisheng Lu: The University of Hong Kong

Chapter Chapter 102 in Proceedings of the 17th International Symposium on Advancement of Construction Management and Real Estate, 2014, pp 995-1001 from Springer

Abstract: Abstract Measuring the benefits of using Building Information Model (BIM) has recently been investigated by the researchers in the construction management field of study. Yet due to BIM is an emerging technology within the construction industry, there is still not much information available in the markets, giving rise to quantifying the benefit and other economic outcome via traditional statistical model from the perspective of the project management is a mission impossible target. To fill such knowledge gap, this paper intends to introduce a real option model, through which an optimal strategy by using BIM in the construction management is given. Typically, the result of the model would answer the how much opportunity cost that the company should sacrifice would produce the optimal payoff.

Keywords: Cash Flow; Real Option; Construction Project; Building Information Model; Martingale Measure (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-35548-6_102

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DOI: 10.1007/978-3-642-35548-6_102

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