The use of time and cost utility for construction contract award under European Union Legislation

Lambropoulos, S

dc.contributor.author	Lambropoulos, S	en
dc.date.accessioned	2014-03-01T01:27:27Z
dc.date.available	2014-03-01T01:27:27Z
dc.date.issued	2007	en
dc.identifier.issn	0360-1323	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/18454
dc.subject	Construction	en
dc.subject	Contractor selection	en
dc.subject	Time-cost bidding	en
dc.subject	Utility theory	en
dc.subject.classification	Construction & Building Technology	en
dc.subject.classification	Engineering, Environmental	en
dc.subject.classification	Engineering, Civil	en
dc.subject.other	Contracts	en
dc.subject.other	Costs	en
dc.subject.other	Finance	en
dc.subject.other	Laws and legislation	en
dc.subject.other	Public works	en
dc.subject.other	Construction contract	en
dc.subject.other	Construction cost	en
dc.subject.other	Contractor selection	en
dc.subject.other	Time-cost bidding	en
dc.subject.other	Utility theory	en
dc.subject.other	Construction industry	en
dc.subject.other	Construction industry	en
dc.subject.other	Contracts	en
dc.subject.other	Costs	en
dc.subject.other	Finance	en
dc.subject.other	Laws and legislation	en
dc.subject.other	Public works	en
dc.subject.other	construction	en
dc.subject.other	European Union	en
dc.subject.other	project management	en
dc.title	The use of time and cost utility for construction contract award under European Union Legislation	en
heal.type	journalArticle	en
heal.identifier.primary	10.1016/j.buildenv.2005.08.002	en
heal.identifier.secondary	http://dx.doi.org/10.1016/j.buildenv.2005.08.002	en
heal.language	English	en
heal.publicationDate	2007	en
heal.abstract	Public Awarding Authorities around the world aim at procuring construction contracts that will achieve project completion within predefined cost, time and quality constraints. Nowadays, national and supranational public works programmes define strict completion dates at the client's risk of losing funding if deadlines are not met. The choice of procurement method is therefore of utmost importance. In most cases, the client's award is based on financial offers only. As the construction time for project completion within funding programme targets is extremely important, it should also be considered as an award criterion. In this paper, the most common award methods are evaluated and a new one is proposed. The award criterion considered is the most economically advantageous tender as defined in the European Union Legislation and takes into account the construction cost and completion time. The evaluation of both financial and time offers is carried out by implementing utility theory. An illustrative example is provided. (c) 2005 Elsevier Ltd. All rights reserved.	en
heal.publisher	PERGAMON-ELSEVIER SCIENCE LTD	en
heal.journalName	Building and Environment	en
dc.identifier.doi	10.1016/j.buildenv.2005.08.002	en
dc.identifier.isi	ISI:000241590600047	en
dc.identifier.volume	42	en
dc.identifier.issue	1	en
dc.identifier.spage	452	en
dc.identifier.epage	463	en