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1 – 10 of over 50000Emily M. Coyne, Joshua G. Coyne and Kenton B. Walker
Big Data has become increasingly important to multiple facets of the accounting profession, but accountants have little understanding of the steps necessary to convert Big Data…
Abstract
Purpose
Big Data has become increasingly important to multiple facets of the accounting profession, but accountants have little understanding of the steps necessary to convert Big Data into useful information. This limited understanding creates a gap between what accountants can do and what accountants should do to assist in Big Data information governance. The study aims to bridge this gap in two ways.
Design/methodology/approach
First, the study introduces a model of the Big Data life cycle to explain the process of converting Big Data into information. Knowledge of this life cycle is a first step toward enabling accountants to engage in Big Data information governance. Second, it highlights informational and control risks inherent to this life cycle, and identifies information governance activities and agents that can minimize these risks.
Findings
Because accountants have a strong ability to identify the informational and control needs of internal and external decision-makers, they should play a significant role in Big Data information governance.
Originality/value
This model of the Big Data life cycle and information governance provides a first attempt to formalize knowledge that accountants need in a new field of the accounting profession.
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Seyedhabibollah Sadrinooshabadi, Afshin Taheri, Ibrahim Yitmen and Rogier Jongeling
Each building project demands an integrated method for information and requirement management in its life cycle. The main purpose of this paper is to explore the major obstacles…
Abstract
Purpose
Each building project demands an integrated method for information and requirement management in its life cycle. The main purpose of this paper is to explore the major obstacles in integrated life cycle information management and recognize the potentials of CoClass as the new Swedish digital classification system to tackle them throughout asset life cycle.
Design/methodology/approach
The industry viewpoint toward the current status of asset information management considering ISO 19650-1 principles and the existing obstacles and the industry practitioners' ideas regarding CoClass capabilities and applicability were captured and analyzed. A total of 13 semistructured interviews were conducted with the AECO industry professionals to have an understanding of information requirement management. Then the results were analyzed qualitatively, using the NVivo 12 software. Different attributes of a component (heating panel) in a meeting room according to CoClass and data deviations throughout the asset life cycle were elaborated.
Findings
This study reveals some obstacles in information management process in seven categories in relation to: (1) the need to employ information exchange platforms as common data environments (CDEs) by all actors from early stages; (2) the communication issues caused by lack of utilizing common languages; (3) the costly and time-consuming implementation process; (4) the misunderstandings in terms of data communication between service providers and owners; (5) the definition and fulfillment of information requirements as well as keeping track of data deviations throughout asset life cycle; (6) the information update difficulty; and (7) the need for training practitioners dealing with new systems such as CoClass.
Originality/value
The research explores the major obstacles in information requirement management concerning the practical implementation of the new Swedish classification system, CoClass, supporting the asset life cycle.
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ALI JAAFARI and KITSANA MANIVONG
The focus of this paper is on life‐cycle objective‐based project management systems in general, and SPMIS in particular. SPMIS (short for Smart Project Management Information…
Abstract
The focus of this paper is on life‐cycle objective‐based project management systems in general, and SPMIS in particular. SPMIS (short for Smart Project Management Information System), has been designed: (a) to facilitate the employment of life‐cycle objective‐based project management approaches; and (b) to support concurrent engineering and construction, thus promoting greater integration of the processes under which projects are proposed and implemented. In order to validate the functions designed for SPMIS the authors undertook a detailed case study of a large capital project. The actual project management functions employed by the project team on the case project were researched and charted using the best current PM practices as the guide. While this field research shed light on the actual needs and requirements, the design of the SPMIS functions was approached from first principles in order to incorporate the basic shift from the traditional objectives of cost, time, and quality to life‐cycle objective functions, such as return on investment, facility operability, and life‐cycle integration. This paper describes the fundamental philosophy and framework for the development of life‐cycle objective function‐based project management systems in general, and contrasts these with the existing PM methods.
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The purpose of this paper is to present a way of working with open-standard building information modeling (BIM), object type libraries, systems engineering and an Information…
Abstract
Purpose
The purpose of this paper is to present a way of working with open-standard building information modeling (BIM), object type libraries, systems engineering and an Information Delivery Manual for the management of information over the life-cycle of infrastructure assets. The concept is presented as a source of inspiration, proof of concept and to underpin the value of different parts of the concept leading to an integrated approach to life-cycle information management.
Design/methodology/approach
The paper presents a concept for a way of working. A proof of concept is provided in the form of a case study in which this concept is operational. It shows that this way of working using open-standard BIM can be applied to manage information in the life-cycle. It does not provide, nor suggest to provide, empirical evidence for specific benefits in terms of efficiency.
Findings
The paper shows that open-standard BIM can be applied for information management in the life-cycle of (construction) assets. The specific approach that is applied in practice in a Dutch Infrastructure Project is explained including a case project.
Research limitations/implications
The example of Traverse Dieren attests to a implementation of the approach in practice. From this case it can be concluded that the suggested approach is feasible in the initiation and design phase and applicable during realization. Based on the example as described in this paper it cannot be concluded to what extent the known information management problems in the life-cycle are solved. Therefore a detailed evaluation on the information exchange would be required which is beyond the scope of this paper.
Practical implications
This paper shows how different (theoretical) concepts are successfully combined and implemented in practice to attain the defined BIM goals.
Originality/value
This paper shows a practical case implementation of open-standard BIM (using COINS). It provides a way of working that combines BIM, systems engineering, libraries and contractual arrangements for the management of information over the life-cycle of infrastructure assets.
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John R. Selman and Rich Schneider
The US National Park Service (NPS) is responsible for the management of some of the most recognisable and notable natural and cultural resources in the USA. To make the case for…
Abstract
The US National Park Service (NPS) is responsible for the management of some of the most recognisable and notable natural and cultural resources in the USA. To make the case for additional maintenance funding, NPS is instituting life‐cycle cost management practices. Over the 50‐year life cycle of the Redwood Information Center at Redwood National and State Parks in Crescent City, California, custodial costs alone will sum to more than the total replacement construction cost for the entire facility. This point illustrates an important aspect regarding the true cost of operating and sustaining physical infrastructure over its life cycle. It also suggests that understanding life‐cycle costs is a critical element of effective, long‐term portfolio and asset management. Often, institutional owners of physical assets inadequately assess the true cost of building and owning facilities, typically overemphasising initial construction costs. Life‐cycle operations and maintenance (O&M) and capital renewal costs, however, almost always comprise a far greater percentage of total life‐cycle building costs. Using actual life‐cycle costs for an asset that is owned and managed by NPS, this paper explores the development of full life‐cycle costing, highlighting key life‐cycle cost drivers, of an information centre at the Redwood National and State Parks.
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Christopher Santi Götz, Patrik Karlsson and Ibrahim Yitmen
The blockchain-based digital twin has been recognized as a prominent technological ecosystem featuring synergies with both established and emergent information management…
Abstract
Purpose
The blockchain-based digital twin has been recognized as a prominent technological ecosystem featuring synergies with both established and emergent information management practice. The purpose of this research is to explore the applicability, interoperability and integrability of a blockchain-based digital twin for asset life cycle management and develop a model of framework which positions the digital twin within a broader context of current management practice and technological availability.
Design/methodology/approach
A systematic literature review was performed to map use cases of digital twin, IoT, blockchain and smart contract technologies. Surveys of industry professionals and analyses were conducted focussing on the mapped use cases' life cycle–centric applicability, interoperability and integrability with current asset life cycle management practice, exploring decision support capabilities and industry insights. Lastly, a model of framework was developed based on the use case, interoperability and integrability findings.
Findings
The results support approaching digitization initiatives with blockchain-based digital twins and the positioning of the concept as both a strategic tool and a multifunctional on-field support application. Integrability enablers include progression towards BIM level 3, decentralized program hubs, modular cross-technological platform interfaces, as well as mergeable and scalable blockchains.
Practical implications
Knowledge of use cases help highlight the functionality of an integrated technological ecosystem and its connection to comprehensive sets of asset life cycle management aspects. Exploring integrability enablers contribute to the development of management practice and solution development as user expectations and technological prerequisites are interlinked.
Originality/value
The research explores asset life cycle management use cases, interoperability and integrability enablers of blockchain-based digital twins and positions the technological ecosystem within current practice and technological availability.
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Kriengkrai Boonlert-U-Thai and Philipp Schaberl
The purpose of this study is to investigate the role of book values, earnings, and future earnings in equity valuation by time, life cycle stage, and market uncertainty using…
Abstract
Purpose
The purpose of this study is to investigate the role of book values, earnings, and future earnings in equity valuation by time, life cycle stage, and market uncertainty using samples of USA and Japanese companies.
Design/methodology/approach
This study employs Lubberink and Willett (2021) methodology in using log-linear models to estimate the value relevance of accounting numbers and follows Schaberl (2016) approach to measure %incremental value relevance. The study also includes future earnings in a basic valuation model (Ohlson, 1995) to explore the extent to which stock prices are forward looking.
Findings
This study finds a significant increase by time in the relative value relevance of a combined model with book values and earnings and a combined model with future earnings for both countries. However, the incremental value relevance of book values, earnings, and future earnings remain stable over time. The results by life cycle stage indicate that incremental value relevance of future earnings and earnings are more (less) pronounced for firms in the intro (mature) life cycle stage while the incremental value relevance of book values is highest for firms in the decline stage for both countries. The results by market uncertainty indicate that firms with high market uncertainty display higher incremental value relevance of book values for both countries. The results on future earnings are mixed as USA (Japan) firms with high (low) market uncertainty display more (less) incremental value relevance of future earnings.
Practical implications
The findings in this study enhance the merits of two basic financial statements (balance sheet and income statement) in a firm's equity valuation for potential investors and existing shareholders and document an additional role of future earnings information in reflecting a firm's stock price, which is beyond what book values and current earnings have already contributed.
Originality/value
This is the first study that uses log-linear models to estimate the value relevance of accounting numbers and investigates value relevance of accounting information in three views: time, life cycle stage, and market uncertainty.
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Ahmad Mohammad Ahmad, Sergio Rodriguez Trejo, Mian Atif Hafeez, Nashwan Dawood, Mohamad Kassem and Khalid Kamal Naji
Energy analysis (EA) within a building information modelling (BIM) enables consistent data integration in central repositories and eases information exchange, reducing rework…
Abstract
Purpose
Energy analysis (EA) within a building information modelling (BIM) enables consistent data integration in central repositories and eases information exchange, reducing rework. However, data loss during information exchange from different BIM uses or disciplines is frequent. Therefore, a holistic approach for different BIM uses enables a coherent life cycle information flow. The life cycle information flow drives the reduction of data loss and model rework and enhances the seamless reuse of information. The latter requires a specification of the EA key performance indicators (KPIs) and integrating those in the process.
Design/methodology/approach
The paper presents a set of KPIs extracted from the developed EA process maps and interviews with expert stakeholders. These KPIs stem from the literature review and link to the benefits of EA through industry expert review. The study includes (1) development and validation of EA process maps adjusted to requirements from different stakeholders. (2) KPIs aligned with the EA process map, (3) identification of the drivers that can facilitate life cycle information exchange and (4) opportunities and obstacles for EA within BIM-enabled projects.
Findings
This paper depicts a viable alternative for EA process maps and KPIs in a BIM-enabled AEC design industry. The findings of this paper showcase the need for an EA within BIM with these KPIs integrated for a more effective process conforming to the current Open BIM Alliance guidance and contributing towards sustainable life cycle information flow.
Research limitations/implications
The limitation of the research is the challenge of generalising the developed EA process maps; however, it can be adjusted to fit defined organisational use. The findings deduced from the developed EA process map only show KPIs to have the ability to facilitate adequate information flow during EA.
Practical implications
The AEC industry will benefit from the findings of this primary research as the industry will be able to contrast its process maps and KPIs to those developed in the paper.
Social implications
This paper benefits the societal values in EA for the built environment in the design stages. The subsequent life cycle information flow will help achieve a consistent information set and decarbonised built environment.
Originality/value
The paper offers a practical overview of process maps and KPIs to embed EA into BIM, reducing the information loss and rework needed in the practice of this integration. The applicability of the solution is contrasted by consultation with experts and literature.
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Anni Lindholm and Petri Suomala
The purpose of this paper is to discuss life cycle cost management and highlight the practical challenges related to collecting adequate data and practicing long‐term cost…
Abstract
Purpose
The purpose of this paper is to discuss life cycle cost management and highlight the practical challenges related to collecting adequate data and practicing long‐term cost management in an uncertain environment.
Design/methodology/approach
The paper reports a case study conducted in the Finnish Defence Forces. As part of the case study, a life cycle cost model for a case product was developed.
Findings
Activity‐based life cycle cost modeling can provide relevant information for varying product management needs at different stages in the life of a product. Quantification of uncertainty is one of the elements in the modeling that can improve the feasibility of LCC both for cost estimation and tracking purposes.
Originality/value
Only a few empirical studies on life cycle costing have been reported which focus on the defence sector. The paper contributes to our understanding of how LCC can be used in a continuous manner and depicts how LCC can produce a sharpened cost image of a particular product.
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Filipa Salvado, Nuno Marques de Almeida and Alvaro Vale e Azevedo
Stakeholders of the Architecture, Engineering and Construction (AEC) sector require information on the buildings economic performance throughout its life cycle. This information…
Abstract
Purpose
Stakeholders of the Architecture, Engineering and Construction (AEC) sector require information on the buildings economic performance throughout its life cycle. This information is neither readily available nor always accurate because building management (BM) professionals still face difficulties to fully incorporate the life cycle cost (LCC) concept into their daily practice. The purpose of this paper is to identify and contribute to solving these difficulties.
Design/methodology/approach
This paper provides a background knowledge review and set the ground for a structured research roadmap and a management framework that highlight the links and limitations to be addressed within and between LCC and BM. A six-stage method was used for developing conceptual frameworks targeting six goals: establishing a point of departure; mapping sources of information; literature research; notion deconstruction and conceptual categorization; overview of the applicable background knowledge; and structuring of a framework for LCC-informed decisions in BM.
Findings
Management solutions for the built context are necessarily connected with LCC and BM current concepts such as asset management, project, program and portfolio management, facility management and data management. These management approaches highlight the importance of incorporating life cycle concepts and promote LCC effective application within the AEC sector.
Originality/value
This paper identifies and discusses current limitations on the information availability for the economic performance of buildings throughout its life cycle. This work also identifies LCC-related topics that need to be further explored or addressed by both the scientific community and practitioners to overcome these limitations and facilitate the integration of the LCC concept into BM activities.
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