An innovative integrated approach to whole life costing.
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KISHK, M., Al-HAJJ, A. and POLLOCK, R., 2002. An innovative integrated approach to whole life costing. Journal of Financial Management of Property and Construction, 7(1), pp. 31-40
A number of recently developed algorithms are combined to build an innovative integrated whole life costing approach. The integration process is based on the simple idea of breaking the decision-making process into a logical series of activities. Then, the appropriate algorithms are employed to model each activity and link it with other activities. The most unique feature of the approach is that various levels of information availability and different types of uncertainty of information are dealt with effectively by the most appropriate algorithm(s). Besides, critical stages of the decision-making process are automated and various scenarios of the decision making process are logically handled by a carefully designed decision algorithm. Furthermore, the approach is computationally effective because all repeated calculations are eliminated and the optimum level of the recycle process is automatically identified.