Whole Life-Cycle Costing: Risk and Risk Responses

Whole life-cycle costing (WLCC) is rapidly becoming the standard method for the long-term cost appraisal of buildings and civil infrastructure projects. With clients now demanding buildings that demonstrate value for money over the long term, WLCC has become an essential tool for those involved in the design, construction, operation and risk analysis of construction projects.

Whole-life costing: risk and risk responses offers a thorough grounding in both the theory and practical application of WLCC. Part I deals with the fundamentals, providing the general background to appreciate WLCC concepts and whole life risk management techniques at the key decision-making milestones through a project’s life. Part II covers the design stage, including service life forecasting and environmental life-cycle assessment techniques in WLCC. Practical frameworks both for assessing whole life risks and risk responses, as well as guidance on developing WLCC budget estimates are also developed. In Part III, the authors consider WLCC during the construction and operations stages, with a strong emphasis upon risk analysis methods and dynamic WLCC assessment.

With its mixture of established theory, best practice and innovative approaches, this book will help you make more accurate assessments of the long-term cost effectiveness of projects by:

• providing a thorough grounding in the theory of WLCC
• demonstrating how decision-making uncertainty can be reduced by basing choices on sound risk management principles
• identifying a systematic approach to planning the post-occupancy costs.