Risk Analysis in Feasibility Study of Building Construction Project, Case Study: Property of PT. Perusahaan Gas Negara (Persero) Indonesia
Co-authored with Bayu Aditya Firmansya and published in 'Proceeding of The Tenth East Asia-Pacific Conference on Structural Engineering and Construction (EASEC-10)"
Investment in construction project is able to give higher benefit beside of its high
uncertainty. The... more
Investment in construction project is able to give higher benefit beside of its high
uncertainty. The uncertainty depends on many risk factors. The influence of the identified risk then
has to be evaluated and calculated towards the project feasibility. Before investment, the feasibility of
the project has to be done that gives figures of cash flow on the following years. This can be one of the
considerations for making a decision whether this project is feasible or not. Risks that overshadow the
construction project have to be calculated as an influential factor towards the failure of a project. This
paper aims to know the feasibility of project investment by calculating the risk factors and treatment.
Risk probability matrix is used to obtain the risk priority, which then continued with financial analysis
for the feasibility study and also sensitivity analysis. The study shows that the parameter investment
value will be increased when treatment is done on risk.
Mapping RICS quantity surveying competencies to curricula of RICS accredited programmes
Refereed Conference Paper
Perera, S., Pearson, J. and Ekundayo, D. (2011), ‘Mapping RICS quantity surveying competencies to curricula of RICS accredited programmes’, Proceedings of the 15th Pacific Association of Quantity Surveyors Congress, Colombo, Sri Lanka, 23-26 July 2011.
The education and training of graduate Quantity Surveyors are highly influenced by academic institutions which produce... more
The education and training of graduate Quantity Surveyors are highly influenced by academic institutions which produce the graduates and professional body such as Royal Institution of Chartered Surveyors (RICS) which sets competencies that guide both academic and industrial learning. The RICS competency documents set the requirements for candidates ready to sit the Assessment of Professional Competence (APC) but do not state the level of competency expected of a graduate. As such, it is a matter of interpretation open for dispute and debate. This research therefore examines the extent of coverage of RICS QS competencies in the programmes accredited by the RICS. A detailed case study exercise was carried out based upon 4 RICS accredited quantity surveying programmes offered by 4 leading universities in the UK to map the RICS QS competencies to the individual module specifications of the respective QS programmes. In effect, a scoring system and competency mapping matrix was devised to carry out a systematic numerical evaluation of the extent of competency mapping to curricula. The study revealed that different universities aim to achieve competencies at different levels based on their interpretations as there is no threshold standard or benchmark for level of competencies to be achieved by QS graduates completing a RICS accredited programme. It is thus recommended that a clearly defined Graduate Competency Threshold Benchmark (GCTB) should be created by the RICS who regulates the QS profession. In addition, a competency mapping framework that describes the process of the mapping of competencies to QS programme curricula should be developed to form the basis of identifying whether a programme seeking accreditation will have the necessary mapping levels to produce a graduate that will achieve this threshold benchmark.
Keywords: Academic Curricula, Competency Mapping, Graduate Quantity Surveyor, RICS QS Competencies.
Alignment of academic and industrial development needs for quantity surveyors: the views of industry and academia
Refereed Conference Paper
Perera, S., Pearson, J., Robson, S. and Ekundayo, D. (2011), ‘Alignment of academic and industrial development needs for quantity surveyors: the views of industry and academia’, Proceedings of the RICS COBRA Research Conference, University of Salford, UK, 12-13 September 2011, pp. 676-86.
Education and training of Quantity Surveyors (QS) is subjected to conflicting pressures; firstly from Academic... more
Education and training of Quantity Surveyors (QS) is subjected to conflicting pressures; firstly from Academic Institutions, which seek to address the academic learning of students; secondly from Industry, which is the graduate employer and thirdly the Professional Body, the regulator of the profession. This can cause tensions between these main stakeholders resulting in greater levels of employer and graduate dissatisfaction and obstacles to early career development of the Quantity Surveying graduate. These problems are further exacerbated in the current economic recession. The research investigates the changing developmental needs of QS within a post recession industrial environment. These must satisfy the aspirations of industrial, academic and professional stakeholders such as the RICS. The RICS provide a comprehensive list of basic, core and optional competencies for the QS. These were comprehensively reviewed to provide the basis for the survey questionnaires with the use of an Expert Forum and literature. Two detailed surveys were conducted; one to obtain views of the industry and the other targeting academia with respect to the RICS QS competencies and the debate of “training versus education”. The research revealed that the stakeholders, mainly the employers and academics, hold diverse views of the development needs for graduate QS. There is wide spread variation in the interpretations, the expected levels of attainment and the perceptions of the level of actual achievement of competencies by graduate QSs. The research proposes a framework that enables to define expectations, ambitions, and practical constraints in QS education that will lead to better understanding, effective collaboration and greater satisfaction in producing a Quantity Surveying graduate who will be seen as fulfilling the requirements of all stakeholders.
Keywords: Academic, industry, quantity surveying competencies, quantity surveying graduate, RICS
Achieving economic and environmental sustainability through optimum balance of costs
Refereed Conference Paper
Ekundayo, D., Perera, S., Udeaja, C. and Zhou, L. (2011), ‘Achieving economic and environmental sustainability through optimum balance of costs’, Proceedings of the 10th International Postgraduate Research Conference in the Built Environment, University of Salford, UK, 14-15 September 2011.
Awareness and significance of sustainable development (SD) has been growing around the world for the last few decades.... more
Awareness and significance of sustainable development (SD) has been growing around the world for the last few decades. Sustainable construction is now considered a way for the construction industry to contribute to this larger effort. It is clear why the construction industry must respond accordingly and focus its attention on developing more sustainable buildings - not least because of its huge size, the vast amount of resources it consumes and its major impact on the built and natural environments. This research work therefore aims to examine the concept of sustainability, investigate the costs related to producing sustainable buildings and the relationship that exists between these costs. A review of the literature showed that the concept of sustainability is broad but the economic, social and environmental aspects, which are inextricably linked, remain the three fundamental pillars of sustainability. Initial construction cost (IC), cost-in-use (CIU) and carbon cost (CC) were revealed as monetary means of appraising economic and environmental criteria. According to the review, social criteria are drivers: subjective and human factors, which affect the other two factors, directly or indirectly. It is concluded that inverse relationship often exists between IC and CIU but the movement of CC in relation to this is still unknown, being a new concept. Further stage of the research work will explore this grey area and consequently model through quantitative analysis the relationship that exists between IC, CIU and CC.
Keywords: Carbon cost, construction industry, cost-in-use, initial construction cost, sustainability
Working Futures 2004-2014 Spatial Report
A. Green, K. Homenidou, RJ. White and R. Wilson
January 2006
This document is part of the Working Futures 2004-2014 series of detailed projections of employment, by sector and
region. It was commissioned jointly by the Sector Skills Development Agency (SSDA) and the Learning and Skills Council (LSC). The results are intended to provide a sound statistical foundation for the deliberations of all those with an interest in the supply of and demand for skills, including individuals, employers,education and training providers as well as the various agencies and departments of government. The latter include the Treasury, the Department for Education
and Skills (DfES), the Sector Skills Councils (SSCs), Regional Development Agencies (RDAs) and Local Learning and Skills Councils (LLSCs), as well as the report’s main sponsors the SSDA and LSC.
Project management service delivery using competency analysis
Refereed Conference Paper
Ogunsemi, D.R., Oyediran, O.S., Rotimi, J.O.B. and Ekundayo, D. (2008), ‘Project management service delivery using competency analysis’, Proceedings of the International Conference on Project Management, Kuala Lumpur, Malaysia, 18-20 November 2008, pp 43-51.
Deciding the most capable amongst the range of construction professional(s), by virtue of their knowledge, skills and... more
Deciding the most capable amongst the range of construction professional(s), by virtue of their knowledge, skills and abilities to offer project management services, has become topical in Nigeria. This study therefore undertakes a competency analyses approach to determine which of the construction professions has the greatest potential for project management service delivery. Questionnaire survey of project owners and constructors' opinions provided data for the analyses. These were analysed using mean item score (MIS) method. The results revealed that Quantity Surveyors have the highest potential for project management service delivery because of their abilities to meet project objectives; while Civil Engineers, Builders, Estate Surveyors and Architects follow in this order respectively. Quantity Surveyors were better suited for this role because of their training and competencies. The paper recommends the acquisition of knowledge in legal issues, risk analysis and quality control, safety and environmental issues and project management; by other practicing construction industry professionals. It suggests the adoption of the quantity surveying profession by the Association of Project Managers in Nigeria.
Keywords: competency analysis, construction professionals, project management, service delivery.
Construction professionals and project management competencies in Nigeria
Refereed Journal Article
Ogunsemi, D.R., Oyediran, O.S. and Ekundayo, D.O. (2008), 'Construction professionals and project management competencies in Nigeria', Journal of Construction, 1 (2), pp 6-11, ISSN 1994-7402.
Project in construction covers several areas of specialisation; hence the need for a competent, independent person or... more
Project in construction covers several areas of specialisation; hence the need for a competent, independent person or firm well trained and certified to carry out this comparatively new expanding role of project management based on knowledge and skills in the relevant discipline. This study was carried out to seek the opinions of the respondents and to determine the gap in project management competencies by determining the competencies of the various construction industry professionals involved in project management services. Data were collected from eighty construction stakeholders drawn from architecture, quantity surveying, estate surveying, building, civil engineering, clients and contractor organisations and were analysed using mean item score (MIS) and the Kruskal Wallis H test. The result showed that all the respondents believed that the quantity surveyor was the most competent, with 79% training in basic, core and optional competencies. The builder and estate surveyor came second with 78% each. The architect came fourth with 76% while the civil engineer came fifth with 70% training in project management competencies. The paper concludes that to be a competent project manager in the Nigerian Construction Industry, the listed construction industry professionals should undertake training in diverse areas lacking in their academic background and seek a balance of all the appropriate knowledge and skills as listed in the handbook of Masters in Project Management of the University of Lagos and the Project Management Book of Knowledge (PMBOK).
Keywords: project managers, knowledge, skills, competencies, construction professionals, Nigeria.
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Seen by: and 59 moreTowards developing a monetary measure for sustainable building projects: an initial concept
Refereed Conference Paper
Ekundayo, D., Perera, S., Udeaja, C. and Zhou, L. (2011), ‘Towards developing a monetary measure for sustainable building projects: an initial concept’, Proceedings of the ARCOM & LCI UK Doctoral Research Workshop, University of Northumbria at Newcastle, UK, 2nd March 2011.
There are growing concerns about considering the long-term benefits of public projects amidst the often dominant... more
There are growing concerns about considering the long-term benefits of public projects amidst the often dominant short-term returns. Increased value of development to the society at large will mean taking into account the holistic benefits that can be accrued over the entire life of an asset. For the government however, investing the limited available resources in a sustainable manner continues to make the headlines. Sustainable development is now considered a way for the construction industry to contribute to this national agenda. This study therefore takes a brief look at the concept of sustainability and investigates the costs related to producing sustainable buildings through the review of relevant literature. According to the study, to ensure effective use of limited resources and enhance short- and long-terms benefits amidst tight budgets, the industry must respond accordingly and focus its attention on developing projects which are economically viable, socially acceptable and environmentally friendly. The monetary measures that could be used to quantify economic, social and environmental criteria which are the three fundamental pillars of a sustainable development were revealed. They include the initial construction cost (IC) for measuring economic factors, and cost-in-use (CIU) and initial carbon cost (ICC) for measuring social and environmental aspects. The next stage of this research work will be the development of an optimum balance index (OBI), a tool that serves as a single sustainability indicator and which can be used to improve project delivery for the benefits of the society at large. Design options selected based on this multicriteria index will enhance an increased value and reduced waste in a sustainable manner by optimising financial return, maximising social benefits and minimising environmental impact.
Keywords: cost-in-use, initial carbon cost, initial construction cost, optimum balance index, project delivery, sustainability, value.
Construction research: a field of application
by Will Hughes
Hughes, W.P. (1999) Construction research: a field of application. Australian Institute of Building Papers, 9, 51-58.
Research in construction management is diverse in content and in quality. There is much to be learned from more... more Research in construction management is diverse in content and in quality. There is much to be learned from more fundamental disciplines. Construction is a sub-set of human experience rather than a completely separate phenomenon. Therefore, it is likely that there are few problems in construction requiring the invention of a completely new theory. If construction researchers base their work only on that of other construction researchers, our academic community will become less relevant to the world at large. The theories that we develop or test must be of wider applicability to be of any real interest. In undertaking research, researchers learn a lot about themselves. Perhaps the only difference between research and education is that if we are learning about something which no-one else knows, then it is research, otherwise it is education. Self-awareness of this will help to reduce the chances of publishing work which only reveals a researcher’s own learning curve. Scientific method is not as simplistic as non-scientists claim and is the only real way of overcoming methodological weaknesses in our work. The reporting of research may convey the false impression that it is undertaken in the sequence in which it is written. Construction is not so unique and special as to require a completely different set of methods from other fields of enquiry. Until our research is reported in mainstream journals and conferences, there is little chance that we will influence the wider academic community and a concomitant danger that it will become irrelevant. The most useful insights will come from research which challenges the current orthodoxy rather than research which merely reports it.
