TY  - CONF
TI  - Testing the Value of Best Value: Evidence From Educational Facilities Projects
C1  -  Heraklion, Greece
C3  - 25th Annual Conference of the International Group for Lean Construction
SP  - 19
EP  - 26
PY  - 2017
DO  - 10.24928/2017/0090
AU  - Eke, Gerald
AU  - Elgy, John
AD  - School of Engineering and Applied Sciences, Aston University, Aston Express Way, Birmingham B4 7ET. Email: ekegue@aston.ac.uk
AD  - Senior Lecturer of School of Engineering and Applied Sciences, Aston University, Aston Express Way, Birmingham B4 7ET. Email: j.elgy@aston.ac.uk
AB  - Contractor selection is one of the most important step in ensuring the success of any construction project. Failing to adequately select the winning contractor may lead to problems in the project delivery phase such as bad quality and delay in the expected project duration; which ultimately results in cost overruns. This paper presents an approach by which a what-if scenario can be analysed in educational facilities projects in the UK; therefore if the client selected the best value contractor for a project whose submitted price is not the lowest price, a what-if scenario was conducted to show how the lowest priced contractor would have fared had he/she been awarded the contract instead. This was done by analysing historic data of projects that have selected the lowest priced contractor. Then correlations were derived between variables; which was then be inputted into a Monte Carlo Simulation to analyse 3 real educational facilities projects that used a best value selection method. Using Monte Carlo Simulation allowed us to see all the possible outcomes of cost, and duration. It was concluded that selecting the best value contractor in educational facilities projects may not be necessary in terms of cost.
KW  - Educational facilities projects
KW  - Contractor selection
KW  - Best value contractor
KW  - lowest priced contractor
KW  - Monte Carlo simulation.
PB  - 
T2  - 25th Annual Conference of the International Group for Lean Construction
DA  - 2017/07/09
CY  -  Heraklion, Greece
L1  - http://iglc.net/Papers/Details/1390/pdf
L2  - http://iglc.net/Papers/Details/1390
N1  - Export Date: 20 April 2024
DB  - IGLC.net
DP  - IGLC
LA  - English
ER  -