18 Questions
What is the main purpose of the Building Cost Information Service (BCIS)?
To provide information services on building costs and prices
Which of the following is NOT one of the four subgroups that Flanagan and Norman (1983) defined for building data?
Government research
How can monthly data for energy costs be used in modeling?
To develop time-series forecasts
What is the role of the British Board of Agrément in the construction industry?
To conduct independent testing of building materials
What is a unique aspect of the building process highlighted in the text?
The individuality and specialist requirement
What type of data can specialists in the building industry provide?
Detailed breakdowns of the life-cycle of products, their material components, and performance characteristics
What are the three fundamental requirements highlighted by Flanagan and Norman (1983) for successfully implementing a life-cycle costing methodology?
System for using technologies, data for proposed project, sources for data derivation
What is one of the possible sources mentioned by Bennett & Ferry (1987) for deriving data to carry out Whole Life-Cycle Costing (WLCC) analysis?
Historical data from atypical applications
What is one key factor noted by Flanagan et al. (1987) and Bird (1987) that has undersized the potential impact of WLCC?
Inaccurate life-cycle cost estimates
Which of the following is NOT mentioned as a factor influencing the quality of data collected for WLCC?
Technology growth trends
Where can data be obtained for Whole Life-Cycle Costing according to the text?
Historical data from typical applications
What are the two factors that have undersized the potential impact of WLCC as noted by Flanagan et al. (1987) and Bird (1987)?
Inaccurate cost estimates and lack of sufficient data
What is one potential issue with historical data used for life-cycle costing?
Data may be inaccurate due to careless record-keeping.
What technique is mentioned for dealing with data outliers?
Using box plots to identify outliers.
Why is it important to have a thorough understanding of the data used in life-cycle cost modeling?
To ensure the statistical techniques used are valid and do not introduce biases.
What is one potential benefit of using simulation for life-cycle costing?
Simulation can provide required data in a specific format when only general data is available.
What is one source mentioned for obtaining historical data for life-cycle costing?
Building occupiers
What is one reason given for the value of using historical data in life-cycle costing?
To identify elements that will benefit from a life-cycle cost approach based on cost comparisons.
Explore the key data requirements highlighted by Flanagan and Norman (1983) for implementing a life-cycle costing methodology. Learn about the necessary systems, rules, procedures, and crucial data elements essential for successful project evaluation.
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