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New Generation Whole-Life Costing: Property and Construction Decision-Making Under Uncertainty

Ian Ellingham and William Fawcett

  • Format: Book

  • Pages: 208

  • Publisher: Taylor and Francis

  • Date Published: Jul 2006

  • Stock Code: 37956

  • ISBN: 9780415346580

  • Binding: Paperback

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Description

New Generation Whole-Life Costing presents an innovative approach to decision-making and risk management for construction and real estate. It applies the options-based approach that has revolutionised the management of uncertainty in the business world. Based on government-sponsored research at Cambridge Architectural Research Ltd., the book introduces the idea of 'lifecycle options'.

The desirability of whole-life costing is widely accepted, but take-up levels have been low. One problem is that traditional techniques fail to take account of future uncertainty. In contrast, the new options-based approach considers a diversity of possible futures, and favours flexible strategies that incorporate lifecycle options. This approach leads to more cost-effective and sustainable decisions, minimising the risk of under- or over-investment.

This book is structured around realistic case studies that demonstrate the prevalence of lifecycle options. These case studies are backed up by clear presentation of basic principles and mathematical techniques allowing the book to be read either as a stimulating introduction to new concepts, or as a guide to mathematical methods.

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About the Author

Ian Ellingham

Ian studied architecture at Carleton University in Canada.  He followed that with a Master of Business Administration at the University of Western Ontario, and undertook a Master of Philosophy in Land Economy at the University of Cambridge and a PhD at the Department of Architecture in the University of Cambridge.  He is an associate of Cambridge Architectural Research Limited, has undertaken research for numerous government and private bodies in the UK and in Canada, and has worked extensively in the development industry, where he has focused on the overall management of the development process.  He is the chairman of the editorial committee of Perspectives, an architectural journal, and is a member of the faculty of the School of Restoration Arts at Willowbank.

William Fawcett

William trained as an architect at the Department of Architecture in the University of Cambridge, where he went on to PhD research.  His PhD thesis was ‘A mathematical approach to adaptability in Buildings’.  As well as working in architectural practice, he has held a lectureship at the University of Hong Kong and was one of the founding directors of Cambridge Architectural Research Limited.  He currently holds the Chadwick Fellowship in Architecture at Pembroke College, Cambridge, and teaches at the Martin Centre of Architectural and Urban Studies at the University of Cambridge.

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