Data Requirements in Life-Cycle Costing & Risk Assessment

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What is the main purpose of the Building Cost Information Service (BCIS)?

To provide technical information services to the construction industry

To provide information services on building costs and prices (correct)

To conduct independent testing of building materials

To publish government research literature on construction costs

Which of the following is NOT one of the four subgroups that Flanagan and Norman (1983) defined for building data?

Government research (correct)

Modeling techniques

Suppliers and contractors

Manufacturers' data

How can monthly data for energy costs be used in modeling?

To model probabilistic distributions

To provide information services on building costs

To develop time-series forecasts (correct)

To test the integrity of construction materials

What is the role of the British Board of Agrément in the construction industry?

To conduct independent testing of building materials Signup and view all the answers

What is a unique aspect of the building process highlighted in the text?

The individuality and specialist requirement Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

Which of the following is NOT mentioned as a factor influencing the quality of data collected for WLCC?

Technology growth trends Signup and view all the answers

Where can data be obtained for Whole Life-Cycle Costing according to the text?

Historical data from typical applications Signup and view all the answers

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 Signup and view all the answers

What is one potential issue with historical data used for life-cycle costing?

Data may be inaccurate due to careless record-keeping. Signup and view all the answers

What technique is mentioned for dealing with data outliers?

Using box plots to identify outliers. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

What is one source mentioned for obtaining historical data for life-cycle costing?

Building occupiers Signup and view all the answers

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. Signup and view all the answers