Paper and Presentation: Life Cycle Cost Optimizatio within decision making on alternative designs
Abstract: This paper is to feature the importance of the life cycle cost criteria in decision making on the proposals of construction projects. Life cycle costing is a method for financial analyzing of all costs associated with initial construction, operations over its lifespan, and maintaining a construction project over a defined period. Obtaining the costs and savings, we can then directly compare these areas and be fully informed when decisions will be made. The most significant advantage of life cycle costing can be obtained in the initial phase of the construction projects. Construction cost and equipment cost is vital for a complicated decision-making process in the optimization of the life-cycle cost of a project. In this paper, a probabilistic life cycle analysis will be performed to compare precast concrete pavement over traditional onsite casting. With this solution, the minimal value of the life-cycle cost of pavement alternative can be selected. This paper will also discuss the issues of life cycle costing and difficulties analyzing it. The study will also help to clarify the necessary data, and a suitable process of life cycle costing will be proposed. Decision-making using the probabilistic life cycle cost optimization will be demonstrated in this paper using GAMS.
PMI Talent Triangle Skill: Technical Project Management
Biography: Shiven Jiten Sompura is currently working as a Graduate Research Assistant at the Department of Civil and Environmental Engineering, California state university Fullerton. Shiven received a Bachelor’s degree in Civil engineering from University of Mumbai, India and is currently pursuing Master’s degree in Civil engineering from California state university Fullerton. He is currently working on a research topic, Life cycle cost analysis of precast concrete pavement. Previously, he worked as a Quality control engineer at SGS Pvt. LTD for road project. Apart from this, he spends his time in listening music, hiking, travelling and watching movies. You can reach Shiven at shivensompura@csu.fullerton.edu.
