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Aziz, A M A (2007) A survey of the payment mechanisms for transportation DBFO projects in British Columbia. Construction Management and Economics, 25(05), 529–43.

Cameron, I and Duff, R (2007) A critical review of safety initiatives using goal setting and feedback. Construction Management and Economics, 25(05), 495–508.

Harty, C, Goodier, C I, Soetanto, R, Austin, S, Dainty, A R J and Price, A D F (2007) The futures of construction: a critical review of construction future studies. Construction Management and Economics, 25(05), 477–93.

Krima, N A, Wood, G, Aouad, G F and Hatush, Z (2007) Assessing the performance of Libyan supervising engineers. Construction Management and Economics, 25(05), 509–18.

Mason, J R (2007) The views and experiences of specialist contractors on partnering in the UK. Construction Management and Economics, 25(05), 519–27.

Skitmore, M and Cheung, F K T (2007) Explorations in specifying construction price forecast loss functions. Construction Management and Economics, 25(05), 449–65.

  • Type: Journal Article
  • Keywords: Loss functions; construction; price; forecasts; forecasting; specification; estimate errors
  • ISBN/ISSN: 0144-6193
  • URL: http://www.informaworld.com/openurl?genre=article&issn=0144-6193&volume=25&issue=5&spage=449
  • Abstract:
    Typical measures of goodness of construction price forecasts are the mean and standard deviation, coefficient of variation and root mean square of the deviations between forecasted and actual values. This can only be valid, however, if the pain, or loss, incurred as a result of such deviations is directly proportional to the square of their value. Two approaches are used to test this. The first of these analyses 10 sets of data collected from around the world, while the second explores the use of a postal questionnaire survey to elicit construction industry client disutilities. The results of the first analysis mitigate against any general view that projects tend to be overestimated but do clearly suggest asymmetric under/overestimates for the measures used. The second analysis results in an approximated loss function although in ordinal terms only. This also suggests that the functional form varies between building types, with Commercial and Residential being the most asymmetric and Schools and Industrial being less asymmetric. The work to date indicates that, for construction price forecasting, the loss functions involved are asymmetric, with the degree of asymmetry increasing according to the level of commercial financial viability at stake.

Tsai, H, Wang, L and Lin, L (2007) A study on improving the ranking procedure for determining the most advantageous tender. Construction Management and Economics, 25(05), 545–54.

Widén, K and Hansson, B (2007) Diffusion characteristics of private sector financed innovation in Sweden. Construction Management and Economics, 25(05), 467–75.