Amirhosein Jafari and Reza Akhavian
The purpose of this paper is to determine the key characteristics that determine housing prices in the USA. Data analytical models capable of predicting the driving forces of…
Abstract
Purpose
The purpose of this paper is to determine the key characteristics that determine housing prices in the USA. Data analytical models capable of predicting the driving forces of housing prices can be extremely useful in the built environment and real estate decision-making processes.
Design/methodology/approach
A data set of 13,771 houses is extracted from the 2013 American Housing Survey (AHS) data and used to develop a Hedonic Pricing Method (HPM). Besides, a data set of 22 houses in the city of San Francisco, CA is extracted from Redfin real estate brokerage database and used to test and validate the model. A correlation analysis is performed and a stepwise regression model is developed. Also, the best subsets regression model is selected to be used in HPM and a semi-log HPM is proposed to reduce the problem of heteroscedasticity.
Findings
Results show that the main driving force for housing transaction price in the USA is the square footage of the unit, followed by its location, and its number of bathrooms and bedrooms. The results also show that the impact of neighborhood characteristics (such as distance to open spaces and business centers) on the housing prices is not as strong as the impact of housing unit characteristics and location characteristics.
Research limitations/implications
An important limitation of this study is the lack of detailed housing attribute variables in the AHS data set. The accuracy of the prediction model could be increased by having a greater number of information regarding neighborhood and regional characteristics. Also, considering the macro business environment such as the inflation rate, the interest rates, the supply and demand for housing, and the unemployment rates, among others could increase the accuracy of the model. The authors hope that the presented study spurs additional research into this topic for further investigation.
Practical implications
The developed framework which is capable of predicting the driving forces of housing prices and predict the market values based on those factors could be useful in the built environment and real estate decision-making processes. Researchers can also build upon the developed framework to develop more sophisticated predictive models that benefit from a more diverse set of factors.
Social implications
Finally, predictive models of housing price can help develop user-friendly interfaces and mobile applications for home buyers to better evaluate their purchase choices.
Originality/value
Identification of the key driving forces that determine housing prices on real-world data from the 2013 AHS, and development of a prediction model for housing prices based on the studied data have made the presented research original and unique.
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Faris Elghaish, Sepehr Abrishami, M. Reza Hosseini and Soliman Abu-Samra
The amalgamation of integrated project delivery (IPD) and building information modelling (BIM) is highly recommended for successful project delivery. However, IPD lacks an…
Abstract
Purpose
The amalgamation of integrated project delivery (IPD) and building information modelling (BIM) is highly recommended for successful project delivery. However, IPD lacks an accurate cost estimation methodology at the “front-end” of projects, when little project information is available. This study aims to tackle this issue, through presenting analytical aspects, theoretical grounds and practical steps/procedures for integrating target value design (TVD), activity-based costing (ABC) and Monte Carlo simulation into the IPD cost structure, within a BIM-enabled platform.
Design/methodology/approach
A critical review was conducted to study the status of cost estimation within IPD, as well as exploring methods and tools that can enhance the cost estimation process for IPD. Thereafter, a framework is developed to present the proposed methodology of cost estimation for IPD throughout its entire stages. A case project is used to validate the practicality of the developed solution through comparing the profit-at-risk percentage for each party, using both traditional cost estimation and the proposed solution.
Findings
After applying the proposed IPD's cost estimation framework, on a real-life case project, the findings demonstrated significant deviations in the profit-at-risk value for various work packages of the project (approximately 100% of the finishing package and 22% of openings package). By providing a precise allocation of overhead costs, the solution can be used in real-life projects to change the entire IPD cost structure and ensure a fair sharing of risk–rewards among the involved parties in IPD projects.
Practical implications
Using the proposed methodology of cost estimation for IPD can enhance the relationship among IPD's core team members; all revealed financial deficiencies will be considered (i.e. compensation structure, profit pooling), hence enhancing the IPD performance.
Originality/value
This paper presents a comprehensive solution for integrating BIM and IPD in terms of cost estimation, offering three main contributions: (1) an innovate approach to utilise five-dimensional (5D) BIM capabilities with Monte Carlo simulation, hence providing reliable cost estimating during the conceptual TVD stage; (2) mathematical models that are developed through integrating ABC into the detailed 5D BIM to determine the three IPD's cost structure limbs; and (3) a novel mechanism of managing cost saving (rewards) through distinguishing between saved resources from organisation level, to daily task level, to increase trust among parties.
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Sandra Matarneh, Mark Danso-Amoako, Salam Al-Bizri, Mark Gaterell and Rana Matarneh
The purpose of this study is to address challenges in the current information exchange process between building information modelling (BIM) and facilities management (FM) systems…
Abstract
Purpose
The purpose of this study is to address challenges in the current information exchange process between building information modelling (BIM) and facilities management (FM) systems and to propose a workable solution. This study’s objective is to identify the information exchange requirements and to develop methods for seamless information flow between building information models and FM systems.
Design/methodology/approach
Data collection and analysis was based on an extensive literature review of similar studies followed by a questionnaire survey with a total of 112 participants and 2 focus groups with a total of 12 participants to validate the conceptual framework. The outputs of the survey analysis formed the background of the proposed framework to streamline information exchange process between building information models and FM systems.
Findings
The study findings form a foundation for enabling the integration of various data sources including building information models. Such integrated platforms will enable automated information exchange between the various data sources and FM systems. The study also provides key information requirements sources to complement the existing construction operations building information exchange information and to support standardization for information exchange process.
Originality/value
The contribution of this study is the identification of information exchange requirements and sources to enable seamless information flow between BIM and FM systems. The study findings will also lay the basis for research studies using the developed framework context to enable the identification of specific data outputs for FM systems inputs.
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Qianmai Luo, Chengshuang Sun, Ying Li, Zhenqiang Qi and Guozong Zhang
With increasing complexity of construction projects and new construction processes and methods are adopted, more safety hazards are emerging at construction sites, requiring the…
Abstract
Purpose
With increasing complexity of construction projects and new construction processes and methods are adopted, more safety hazards are emerging at construction sites, requiring the application of the modern risk management methods. As an emerging technology, digital twin has already made valuable contributions to safety risk management in many fields. Therefore, exploring the application of digital twin technology in construction safety risk management is of great significance. The purpose of this study is to explore the current research status and application potential of digital twin technology in construction safety risk management.
Design/methodology/approach
This study followed a four-stage literature processing approach as outlined in the systematic literature review procedure guidelines. It then combined the quantitative analysis tools and qualitative analysis methods to organize and summarize the current research status of digital twin technology in the field of construction safety risk management, analyze the application of digital twin technology in construction safety risk management and identify future research trends.
Findings
The research findings indicate that the application of digital twin technology in the field of construction safety risk management is still in its early stages. Based on the results of the literature analysis, this paper summarizes five aspects of digital twin technology's application in construction safety risk management: real-time monitoring and early warning, safety risk prediction and assessment, accident simulation and emergency response, safety risk management decision support and safety training and education. It also proposes future research trends based on the current research challenges.
Originality/value
This study provides valuable references for the extended application of digital twin technology and offers a new perspective and approach for modern construction safety risk management. It contributes to the enhancement of the theoretical framework for construction safety risk management and the improvement of on-site construction safety.