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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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