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Please use this identifier to cite or link to this item: http://dspace.vgtu.lt/handle/1/3659

Title: An algorithm for modelling the impact of the judicial conflict-resolution process on construction investment
Authors: Bugajev, Andrej
Šostak, Olga Regina
Keywords: construction investment
algorithms on graphs
decision graphs
greedy algorithm
dynamic programming
judicial conflict resolution
sustainable city development
stakeholder theory
Issue Date: 2018
Publisher: MDPI AG
Citation: Bugajev, A.; Šostak, O. R. 2018. An algorithm for modelling the impact of the judicial conflict-resolution process on construction investment, Sustainability 10(1): 1–17
Series/Report no.: 10;1
Abstract: In this article, the modelling of the judicial conflict-resolution process is considered from a construction investor’s point of view. Such modelling is important for improving the risk management for construction investors and supporting sustainable city development by supporting the development of rules regulating the construction process. Thus, this raises the problem of evaluation of different decisions and selection of the optimal one followed by distribution extraction. First, the example of such a process is analysed and schematically represented. Then, it is formalised as a graph, which is described in the form of a decision graph with cycles. We use some natural problem properties and provide the algorithm to convert this graph into a tree. Then, we propose the algorithm to evaluate profits for different scenarios with estimation of time, which is done by integration of an average daily costs function. Afterwards, the optimisation problem is solved and the optimal investor strategy is obtained—this allows one to extract the construction project profit distribution, which can be used for further analysis by standard risk (and other important information)-evaluation techniques. The overall algorithm complexity is analysed, the computational experiment is performed and conclusions are formulated.
URI: http://dspace.vgtu.lt/handle/1/3659
ISSN: 2071-1050
Appears in Collections:Moksliniai straipsniai / Research articles

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