Search results

The exact process of construction projects performance assessment and benchmarking still remains subjective relying on qualitative techniques, which does not allow stakeholders to address the issues and the drawbacks of their respective projects as effectively as possible for performance improvement purposes. Hence, this research aims to establish a unified project performance score (PPS) for assessing and comparing projects performance.

Data were collected from Construction Industry Institute (CII) members and through University of Wisconsin active research projects. Exploratory data analysis was done to investigate the calculated performance metrics and the collected data characteristics. Data were converted into six performance metrics which were used as the independent variables in creating the PPS model. Logistic regression model was developed to generate the unified PPS equation in order to explain the variables that significantly affect construction projects successful post-completion performance. The PPS model was then applied on the collected dataset to benchmark projects in terms of project delivery systems, compensation types and project types in order to showcase the PPS capabilities and possible applications.

The model revealed that construction cost and schedule growth are the most important metrics in assessing projects performance, while RFIs’ processing time and change orders per million dollars were the features with the least effect on the PPS value. The authors found that integrated project delivery (IPD) and target value (TV) projects outperformed all other project delivery and compensation types. While, industrial projects showed the worst performance, as compared to commercial or institutional projects.

The PPS model can be used to assess the performance of any pool of executed projects, and introducing a novel addition to the field of construction business analytics which is a supplementary tool to successful decision making and performance improvement. Additionally, the bidding selection system can be revolutionized from a cost-based to a performance based one using the PPS model to improve the outcomes of the buyout process.

Accurate and timely cost prediction is critical to the success of construction projects which is still facing challenges especially at the early stage. In the context of rapid development of machine learning technology and the massive cost data from historical projects, this paper aims to propose a novel cost prediction model based on historical data with improved performance when only limited information about the new project is available.

The proposed approach combines regression analysis (RA) and artificial neural network (ANN) to build a novel hybrid cost prediction model with the former as front-end prediction and the latter as back-end correction. Firstly, the main factors influencing the cost of building projects are identified through literature research and subsequently screened by principal component analysis (PCA). Secondly the optimal RA model is determined through multi-model comparison and used for front-end prediction. Finally, ANN is applied to construct the error correction model. The hybrid RA-ANN model was trained and tested with cost data from 128 completed construction projects in China.

The results show that the hybrid cost prediction model has the advantages of both RA and ANN whose prediction accuracy is higher than that of RA and ANN only with the information such as total floor area, height and number of floors.

(1) The most critical influencing factors of the buildings’ cost are found out by means of PCA on the historical data. (2) A novel hybrid RA-ANN model is proposed which proved to have the advantages of both RA and ANN with higher accuracy. (3) The comparison among different models has been carried out which is helpful to future model selection.

This paper aims to elucidate the practical and theoretical mechanisms which contribute to the perception of an economic sanction’s effectiveness as a foreign policy tool.

This paper is divided into three sections, the first two of which are heavily based on the current academic literature and media presentation of sanctions. The third section is rooted in the empirical approach presented in the first author’s exploratory work, Methods of Money Laundering (2021).

Economic sanctions cannot be perceived as effective when the standard for efficacy remains undefined and sanction circumvention remains feasible. The public perception of sanctions is characterized by a series of assumptions as well as conflict foreign policy objectives, which cultivate an economic theory that is benefited by a practical exploration of the routes of circumvention.

The efficacy of economic sanctions is not a stable equation, but rather the application of an economic tool which is dependent on its context. Paths of sanction circumvention remain open due to weaknesses in compliance regulation. These paths continue to undermine the credibility of sanctions and, ultimately, their efficacy.