Determining Benefit - Understanding Buildings as Production System Assets

Abstract

Maximizing the client value delivered from construction projects is to large degree a matter of maximizing the benefit in use of the built asset. To do so, we must be able to accurately assess the benefits of a proposed solution at the time of design. While some authors have looked at simulation solutions for examining this issue, we believe that this research is putting the proverbial cart before the horse. A more fundamental understanding of what answers we seek is needed before considering how this technically speaking could be done. In this paper, we first develop an understanding of buildings as production assets from a production theoretical point of view by reviwing relevant production theory in the context of buildings. Therafter, we discuss what questions we must be able to answer to optimize building as production assets in light of the previously developed theoretical foundation. Finally, we discuss how these questions can principally be answered through different evaluation approaches. Keywords