Framework for investment decision-making under risk and uncertainty for infrastructure asset management

A study has been conducted to investigate current practices on decision-making under risk and uncertainty for infrastructure project investments. It was found that many European countries such as the UK, France, Germany including Australia use scenarios for the investigation of the effects of risk and uncertainty of project investments. Different alternative scenarios are mostly considered during the engineering economic cost-benefit analysis stage. For instance, the World Bank requires an analysis of risks in all project appraisals. Risk in economic evaluation needs to be addressed by calculating sensitivity of the rate of return for a number of events. Risks and uncertainties of project developments arise from various sources of errors including data, model and forecasting errors. It was found that the most influential factors affecting risk and uncertainty resulted from forecasting errors. Data errors and model errors have trivial effects. It was argued by many analysts that scenarios do not forecast what will happen but scenarios indicate only what can happen from given alternatives. It was suggested that the probability distributions of end-products of the project appraisal, such as cost-benefit ratios that take forecasting errors into account, are feasible decision tools for economic evaluation. Political, social, environmental as well as economic and other related risk issues have been addressed and included in decision-making frameworks, such as in a multi-criteria decisionmaking framework. But no suggestion has been made on how to incorporate risk into the investment decision-making process.

Towards a building sustainability assessment framework

This paper provides an overview of a new framework for a design stage Building Environmental Assessment (BEA) tool and a discussion of strategic responses to existing tool issues and relative stakeholder requirements that lead to the development of this tool founded on new information and communication technology (ICT) related to developments in 3D CAD technology. After introducing the context of the BEA and some of their team’s new work the authors • Critique current BEA tool theory; • Review previous assessments of stakeholder needs; • Introduce a new framework applied to analyse such tools • Highlight and key results considering illustrative ICT capabilities and • Discuss their potential significance upon BEA tool stakeholders.

Redefining life cycle for a building sustainability assessment framework

Understanding the differences between the temporal and physical aspects of the building life cycle is an essential ingredient in the development of Building Environmental Assessment (BEA) tools. This paper illustrates a theoretical Life Cycle Assessment (LCA) framework aligning temporal decision-making with that of material flows over building development phases. It was derived during development of a prototype commercial building design tool that was based on a 3-D CAD information and communications technology (ICT) platform and LCA software. The framework aligns stakeholder BEA needs and the decision-making process against characteristics of leading green building tools. The paper explores related integration of BEA tool development applications on such ICT platforms. Key framework modules are depicted and practical examples for BEA are provided for: • Definition of investment and service goals at project initiation; • Design integrated to avoid overlaps/confusion over the project life cycle; • Detailing the supply chain considering building life cycle impacts; • Delivery of quality metrics for occupancy post-construction/handover; • Deconstruction profiling at end of life to facilitate recovery.

The ethical predisposition of university students in Western Australia : 1997 vs 2007

A sample of 285 Western Australian university students was used to assess the prevailing attitudes regarding potential breaches of ethical conduct on the part of business practitioners and organisations. The authors developed an ethical profile for the 2007 sample based on 14 scenarios used in the questionnaire. This profile was then compared to the results from data collected in 1997 using similar sampling and the same survey instrument. The prevailing predisposition is best viewed as centrist in nature, with a move to a more ethical stance in the last 10 years.

Comparing the ethical predisposition of university students in five English-speaking countries : an examination of 14 questionable business practices

Recent years have seen intense scrutiny focused on the reported ethical breaches of enterprises across the globe. At the forefront of the accompanying criticism are the actions of giant American firms such as WorldCom, Arthur Anderson, and Enron. However, such deviations from acceptable standards of conduct have not been confined to the American market. Australia endured its era of “corporate excess” in the 1980s [Milton-Smith, 1997]. As a result, a spate of ethics-based research was undertaken in the early 1990s. More recently, China has been identified as a major venue for behavior deemed to be unacceptable, even unsafe. Issues such as counterfeit fashion items, software, and automobile parts have been a concern for several years [Gonzalez, 2007]. Perhaps more disconcerting are the recent recalls of children’s products, many of which were produced for leading toy companies such as Mattel and Fisher-Price, because of the use of dangerous lead-based paint. As one might anticipate, news reports and consumer protection agencies have been quick to condemn any action that falls within the “controversial” category. Indeed, many segments of society characterize such actions as unethical behavior. One result of this increased level of concern is the higher level of attention given to ethics in higher education programs. Even accreditation bodies such as AACSB have virtually mandated the integration of ethics into the curriculum. As a consequence, academicians have ramped up their ethics-based research agendas.

Examining the issues and dynamics of ethical dilemmas faced by school leaders

The roles and responsibilities of school leaders in most countries across the world have become more complex and challenging in recent years. In large part, this complexity has resulted from the discontinuously changing contexts and day-to-day dynamics within which principals lead their schools. Indeed, principals are now faced with having to make a plethora of decisions in an environment of competing priorities, and with consideration for the interests of students, teachers, parents and the school and wider community. Many of these decisions present as dilemmas for school leaders, where the choices for action often involve not just choosing from ‘right’ versus ‘wrong’ alternatives but also frequently from ‘right’ versus ‘right’ alternatives (Kidder, 1995). Underlying many such decisions are issues of values, principles and ethics. Dilemmas of an ethical nature arise such that principals enter a complicated ‘minefield’ of decision-making (Dempster & Berry, 2003) where significant implications results not only for those at the core of the particular decisions but also potentially for the wider school community and beyond.

The information systems discipline in Australian universities : a contextual framework

This chapter presents the contextual framework for the second phase of a multi-method, multiple study of the information systems (IS) academic discipline in Australia. The chapter outlines the genesis of a two-phase Australian study, and positions the study as the precursor to a larger Pacific-Asia study. Analysis of existing literature on the state of IS and on relevant theory underpins a series of individual Australian state case studies summarised in this chapter and represented as separate chapters in the book. This chapter outlines the methodological approach employed, with emphasis on the case-study method of the multiple state studies. The process of multiple peer review of the studies is described. Importantly, this chapter summarises and analyses each of the subsequent chapters of this book, emphasising the role of a framework developed to guide much of the data gathering and analysis. This chapter also highlights the process involved in conducting the meta-analysis reported in the final chapter of this book, and summarises some of the main results of the meta-analysis.

A visualisation framework for collaborative virtual environment usage information

Due to the popularity of modern Collaborative Virtual Environments, there has been a related increase in their size and complexity. Developers therefore need visualisations that expose usage patterns from logged data, to understand the structures and dynamics of these complex environments. This chapter presents a new framework for the process of visualising virtual environment usage data. Major components, such as an event model, designer task model and data acquisition infrastructure are described. Interface and implementation factors are also developed, along with example visualisation techniques that make use of the new task and event model. A case study is performed to illustrate a typical scenario for the framework, and its benefits to the environment development team.

How to progress forward in improving safety outcomes in the work-related driving field : a review of work-related driving research and development of an intervention framework [Extended abstract]

Road crashes are now the most common cause of work-related injury, death and absence in a number of countries. Given the impact of workrelated driving crashes on social and economic aspects of business and the community, workrelated road safety and risk management has received increasing attention in recent years. However, limited academic research has progressed on improving safety within the work-related driving sector. The aim of this paper is to present a review of work-related driving safety research to date, and provide an intervention framework for the future development and implementation of workrelated driving safety intervention strategies.

Towards a framework for business process standardization

Organizations increasingly seek to achieve operational excellence by standardizing business processes. Standardization initiatives may have different purposes, such as process streamlining, process automation, or even process outsourcing. However, standardization of processes is easier said than done. Standardization success depends on various factors, such as existent IT capabilities, available standard frameworks, market situation, and the processes’ nature, such as their level of routine or structuredness. This paper uncovers the complex nature and relative influence of process-internal and -environmental factors relevant to process standardization, by discussing three case studies from different industries. The findings are summarized in a set of initial conjectures about successful process standardization. This exploratory research is a first step towards uncovering the characteristics of successful process standardization efforts.

Building information modelling project decision support framework

Building Information Modelling (BIM) is an information technology [IT] enabled approach to managing design data in the AEC/FM (Architecture, Engineering and Construction/ Facilities Management) industry. BIM enables improved interdisciplinary collaboration across distributed teams, intelligent documentation and information retrieval, greater consistency in building data, better conflict detection and enhanced facilities management. Despite the apparent benefits the adoption of BIM in practice has been slow. Workshops with industry focus groups were conducted to identify the industry needs, concerns and expectations from participants who had implemented BIM or were BIM “ready”. Factors inhibiting BIM adoption include lack of training, low business incentives, perception of lack of rewards, technological concerns, industry fragmentation related to uneven ICT adoption practices, contractual matters and resistance to changing current work practice. Successful BIM usage depends on collective adoption of BIM across the different disciplines and support by the client. The relationship of current work practices to future BIM scenarios was identified as an important strategy as the participants believed that BIM cannot be efficiently used with traditional practices and methods. The key to successful implementation is to explore the extent to which current work practices must change. Currently there is a perception that all work practices and processes must adopt and change for effective usage of BIM. It is acknowledged that new roles and responsibilities are emerging and that different parties will lead BIM on different projects. A contingency based approach to the problem of implementation was taken which relies upon integration of BIM project champion, procurement strategy, team capability analysis, commercial software availability/applicability and phase decision making and event analysis. Organizations need to understand: (a) their own work processes and requirements; (b) the range of BIM applications available in the market and their capabilities (c) the potential benefits of different BIM applications and their roles in different phases of the project lifecycle, and (d) collective supply chain adoption capabilities. A framework is proposed to support organizations selection of BIM usage strategies that meet their project requirements. Case studies are being conducted to develop the framework. The results of the preliminary design management case study is presented for contractor led BIM specific to the design and construct procurement strategy.

Fellowship plan and conceptual framework

This document is written to provide: (1) a brief plan of the intended directions of the ALTC program ‘A Pedagogy of Supervision in the Technology disciplines’; and (2) an overview of existing research outcomes which are likely to be of interest to the technology disciplines, including some cross disciplinary research and some focussed specifically on some part of the technology field.