Float Consumption Impact on Cost and Schedule in the Construction Industry
This article has a reply.
VIEW THE REPLYPublication: Journal of Construction Engineering and Management
Volume 133, Issue 2
Abstract
Quantifying and minimizing the risks associated with delays in the construction industry are the main challenges for all parties involved. Float loss impact in noncritical activities is one of the complicated delays to assess on a project’s duration and cost. This is due to the fact that the deterministic critical path method cannot cope with such delays unless they exceed the total float values. Further, stochastic analysis, which is used in this research to assess the impact of such delays, is perceived by many planners to be complicated and time consuming. This paper presents a method to control the risks associated with float loss in construction projects. The method uses a recently developed multiple simulation analysis technique that combines the results of cost range estimates and stochastic scheduling, using Monte Carlo simulation. The proposed method quantifies the float loss impact on project duration and cost. Least-squares nonlinear regression is used to convert the stochastic results into a polynomial function that quantifies the float loss impact by relating directly the float loss value to project duration and cost at a specified confidence level.
Get full access to this article
View all available purchase options and get full access to this article.
References
Alarcon, L. F., and Ashley, D. B. (1996). “Modeling project performance for decision making.” J. Constr. Eng. Manage., 122(3), 265–273.
Ang, A. H-S., Chaker, A. A., and Abdelnour, J. (1975). “Analysis of activity networks under uncertainty.” J. Engrg. Mech. Div., 101(EM4), 373–387.
Barraza, G. A., Back, W. E., and Mata, F. (2000). “Probabilistic monitoring of project performance using SS-curves.” J. Constr. Eng. Manage., 126(2), 142–148.
Barraza, G. A., Back, W. E., and Mata, F. (2004). “Probabilistic forecasting of project performance using stochastic S curves.” J. Constr. Eng. Manage., 130(1), 25–32.
Bubshait, A. A., and Cunningham, M. J. (1998). “Comparison of delay analysis methodologies.” J. Constr. Eng. Manage., 124(4), 315–322.
Cox, M. A. A. (1995). “Simple normal approximation to the completion time distribution for a PERT network.” Int. J. Proj. Manage., 13(4), 265–270.
Diaz, C. C., and Hadipriono, C. F. (1993). “Nondeterministic networking methods.” J. Constr. Eng. Manage., 119(1), 40–57.
Diekmann, J. E., and Featherman, W. D. (1998). “Assessing cost uncertainty: Lessons from environmental restoration projects.” J. Constr. Eng. Manage., 124(6), 445–451.
Garza, J. M., Vorster, M. C., and Parvin, C. M. (1991). “Total float traded as commodity.” J. Constr. Eng. Manage., 117(4), 716–727.
Gong, D., and Hugsted, R. (1993). “Time-uncertainty analysis in project networks with a new merge-event time-estimation technique.” Int. J. Proj. Manage., 11(3), 165–174.
Gong, D., and James, J. E. R. (1995). “Calculation of safe path float use in risk-analysis-oriented networks scheduling.” Int. J. Proj. Manage., 13(3), 187–194.
Householder, J. L., and Rutland, H. E. (1990). “Who owns float?” J. Constr. Eng. Manage., 116(1), 130–133.
Isidore, L. J., and Back, W. E. (2001). “Probabilistic optimal-cost scheduling.” J. Constr. Eng. Manage., 127(6), 431–437.
Isidore, L. J., and Back, W. E. (2002). “Multiple simulation analysis for probabilistic cost and schedule integration.” J. Constr. Eng. Manage., 128(3), 211–219.
Senior, B. A., and Halpin, D. W. (1998). “Simplified simulation system for construction projects.” J. Constr. Eng. Manage., 124(1), 72–81.
Wang, W. C., and Demsetz, L. A. (2000a). “Model for evaluating networks under correlated uncertainty—NETCOR.” J. Constr. Eng. Manage., 126(6), 458–466.
Wang, W. C., and Demsetz, L. A. (2000b). “Application example for evaluating networks considering correlation.” J. Constr. Eng. Manage., 126(6), 467–474.
Zhong, D. H., and Zhang, J. S. (2003). “New method for calculating path float in program evaluation and review technique (PERT).” J. Constr. Eng. Manage., 129(5), 501–506.
Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 133 • Issue 2 • February 2007
Pages: 124 - 130
Copyright
© 2007 ASCE.
History
Received: Sep 16, 2005
Accepted: Jul 27, 2006
Published online: Feb 1, 2007
Published in print: Feb 2007
Authors
Metrics & Citations
Metrics
Citations
Download citation
If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download.