Authors : Kabir Bala , Aliyu Makarfi Ibrahim and Yahaya Makarfi
Abstract: The deficiencies of traditional approaches to costing building projects based on initial capital costs have long been recognized. While, recent approaches like Whole Life Cycle Costing (WLCC) offer great promise, data scarcity and uncertainty have been serious bottlenecks to their successful application in the economic evaluation of proposed projects. In spite of this, little has been done to address the problem of data scarcity and uncertainty. This research effort develops a computer based WLCC model capable of mitigating the data scarcity problem. The model was developed by first identifying variables, implementation stages, Cost Breakdown Structure (CBS), discounting and risk analysis techniques that may be used in the successful preparation of WLCC plan. A mathematical model was then formulated using Fuzzy Set Theory (FST) and an algorithm was outlined through, which the model was implemented on the computer. The model accepts 3 point data input and produces a WLCC plan in the format of a specific CBS. It also, produces alpha-cuts for all variables, which enables the assessment and minimization of risk. The main limitations of the model are that; it may not be easily used for the preparation of WLCC analysis at the operating stage of the asset life; the income or benefit generating ability of an asset have not been addressed by the model thereby making it less useful in the preparation of WLCC appraisal. Moreover, non-financial factors (quality variables) of an asset are not accounted for by the model. Despite these limitations the model may be used by Professional cost advisers and Property developers to evaluate alternative designs.
Kabir Bala , Aliyu Makarfi Ibrahim and Yahaya Makarfi , 2008. Developing a Computer Based Whole Life-Cycle Cost Model for Buildings (A Fuzzy Set Theory Approach). Journal of Engineering and Applied Sciences, 3: 669-675.