Search results for: contractors selection

Authors: Kozik Renata, Leśniak Agnieszka, Plebankiewicz Edyta

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Contracting authorities in the public sector are obligated to apply the principles provided for in the Polish law for the evaluation and selection of contractors. To analyze the methods of contractors, applied in practice by public clients, the notices of contract award results for construction works were analyzed. The analysis shows that the procedure selected more and more often is open to competitive bidding, where the assessment of the competence of contractors is not very precise, as well as non-competitive bidding, i.e. single source procurement. The share of procurement procedures, where the only criterion is price, is increasing. The solution to the problems existing here might be the introduction of one of the forms of pre-selection of contractors. The article also briefly discusses verification systems for companies applying for public contracts used in EU countries.

Keywords: certification, contractors selection, open tendering, public investors

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Authors: Rawan A. Abdelrazeq, Ahmed M. Khalafallah, Nabil A. Kartam

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Selection of competent contractors for construction projects is usually accomplished through competitive bidding or negotiated contracting in which the contract bid price is the basic criterion for selection. The evaluation of contractor’s safety performance is still not a typical criterion in the selection process, despite the existence of various safety prequalification procedures. There is a critical need for practical and automated systems that enable owners and decision makers to evaluate contractor safety performance, among other important contractor selection criteria. These systems should ultimately favor safety-conscious contractors to be selected by the virtue of their past good safety records and current safety programs. This paper presents an exploratory sequential mixed-methods approach to develop a framework for an automated decision support system that evaluates contractor safety performance based on a multitude of indicators and metrics that have been identified through a comprehensive review of construction safety research, and a survey distributed to domain experts. The framework is developed in three phases: (1) determining the indicators that depict contractor current and past safety performance; (2) soliciting input from construction safety experts regarding the identified indicators, their metrics, and relative significance; and (3) designing a decision support system using relational database models to integrate the identified indicators and metrics into a system that assesses and rates the safety performance of contractors. The proposed automated system is expected to hold several advantages including: (1) reducing the likelihood of selecting contractors with poor safety records; (2) enhancing the odds of completing the project safely; and (3) encouraging contractors to exert more efforts to improve their safety performance and practices in order to increase their bid winning opportunities which can lead to significant safety improvements in the construction industry. This should prove useful to decision makers and researchers, alike, and should help improve the safety record of the construction industry.

Keywords: construction safety, contractor selection, decision support system, relational database

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Authors: Fatemeh Jaferi, Moslem Parsa, Heshmatolah Shams Khorramabadi

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In this modern fluctuating world, organizations need to outsource some parts of their activities (project) to providers in order to show a quick response to their changing requirements. In fact, a number of companies and institutes have contractors do their projects and have some specific criteria in contractor selection. Therefore, a set of scientific tools is needed to select the best contractors to execute the project according to appropriate criteria. Multi-criteria decision making (MCDM) has been employed in the present study as a powerful tool in ranking and selecting the appropriate contractor. In this study, devolving second-source (civil) project to contractors in the National Gas Company of Lorestan Province (Iran) has been found and therefore, 5 civil companies have been evaluated. Evaluation criteria include executive experience, qualification of technical staff, good experience and company's rate, technical interview, affordability, equipment and machinery. Criteria's weights are found through experts' opinions along with AHP and contractors ranked through TOPSIS and AHP. The order of ranking contractors based on MCDM methods differs by changing the formula in the study. In the next phase, the number of criteria and their weights has been sensitivity analysed through using AHP. Adding each criterion changed contractors' ranking. Similarly, changing weights resulted in a change in ranking. Adopting the stated strategy resulted in the facts that not only is an appropriate scientific method available to select the most qualified contractors to execute gas project, but also a great attention is paid to picking needed criteria for selecting contractors. Consequently, executing such project is undertaken by most qualified contractors resulted in optimum use of limited resource, accelerating the implementation of project, increasing quality and finally boosting organizational efficiency.

Keywords: multi-criteria decision making, project, management, contractor selection, gas company

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Authors: Badr A. Al-Jehani

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Nowadays, contractor selection is a critical activity of the project owner. Selecting the right contractor is essential to the project manager for the success of the project, and this cab happens by using the proper selecting method. Traditionally, the contractor is being selected based on his offered bid price. This approach focuses only on the price factor and forgetting other essential factors for the success of the project. In this research paper, the Analytic Network Process (ANP) method is used as a decision tool model to select the most appropriate contractor. This decision-making method can help the clients who work in the construction industry to identify contractors who are capable of delivering satisfactory outcomes. Moreover, this research paper provides a case study of selecting the proper contractor among three contractors by using ANP method. The case study identifies and computes the relative weight of the eight criteria and eleven sub-criteria using a questionnaire.

Keywords: contractor selection, project management, decision-making, bidding

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Authors: Sophia Hayes, Kenny L. Liang, Sahil Sharma, Austin Shema, Mahmoud Bader, Mohamed Elbarkouky

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Despite being one of the most significant economic contributors of the country, Canada’s construction industry is lagging behind other sectors when it comes to labor productivity improvements. The construction industry is very collaborative as a general contractor, will hire trade contractors to perform most of a project’s work; meaning low productivity from one contractor can have a domino effect on the shared success of a project. To address this issue and encourage trade contractors to improve their productivity tracking methods, an investigative study was done on the productivity views and tracking methods of various trade contractors. Additionally, an in-depth review was done on four standard tracking methods used in the construction industry: cost codes, benchmarking, the job productivity measurement (JPM) standard, and WorkFace Planning (WFP). The four tracking methods were used as a baseline in comparing the trade contractors’ responses, determining gaps within their current tracking methods, and for making improvement recommendations. 15 interviews were conducted with different trades to analyze how contractors value productivity. The results of these analyses indicated that there seem to be gaps within the construction industry when it comes to an understanding of the purpose and value in productivity tracking. The trade contractors also shared their current productivity tracking systems; which were then compared to the four standard tracking methods used in the construction industry. Gaps were identified in their various tracking methods and using a framework; recommendations were made based on the type of trade on how to improve how they track productivity.

Keywords: labor productivity, productivity tracking methods, trade contractors, construction

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Authors: Zhuoyuan Wang, Benson T. H. Lim, Imriyas Kamardeen

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Effective service quality management has long been touted as a means of improving project and organisational performance. Particularly, in construction projects, main contractors are often seen as a broker between clients and subcontractors, and their service quality is thus associated with the overall project affinity and outcomes. While a considerable amount of research has focused on the aspect of clients-main contractors, very little research has been done to explore the effect of contractors’ service quality on subcontractors’ behaviours and so project outcomes. In addressing this gap, this study surveyed 97 subcontractors in the Chinese Construction industry and data was analysed using the Partial Least Square (PLS) Structural Equation Modelling (SEM) technique. The overall findings reveal that subcontractors categorised main contractors’ service quality into three dimensions: assurance; responsiveness; reliability and empathy. Of these, it is found that main contractors’ ‘assurance’ and ‘responsiveness’ positively influence subcontractors’ intention to engage in contractual behaviours. The results further show that the subcontractors’ intention to engage in organizational citizenship behaviours is associated with how flexible and committed the main contractors are in reliability and empathy. Collectively, both subcontractors’ contractual and organizational citizenship behaviours positively influence the overall project outcomes. In conclusion, the findings inform contractors different strategies towards managing and gaining subcontractors’ behaviour commitment in a socially connected, yet complex and uncertain, business environment.

Keywords: construction firms, organisational citizenship behaviour, service quality, social exchange theory

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Authors: S. U. Kunya, S. A. Mohammad

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Construction projects in Nigeria are characterized with risks emanating from delays and accompanying cost-overruns. The aim of the study was to identify and assess factors constraining the utilization of risk management strategies in the execution of public construction project in North-East Nigeria. Data was collected with the aid of a well-structured questionnaire administered to three identified projects in the North-east. Data collected were analysed using the severity index. Findings revealed political involvement, selection of inexperienced contractors and lack of coordinated public sector strategy as the most severe factors constraining the utilization of risk management strategies. The study recommended that: formulation of laws to prevent negative political meddling in construction projects; selection of experienced, risk-informed contractors; and comprehensive risk assessment and planning on all public construction projects.

Keywords: factors, Nigeria, north-east, public projects, risk management, strategies, utilization

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Authors: B. Vikram, Y. Anu Leena, Y. Anu Neena, M. V. Krishna Rao, V. S. S. Kumar

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The industry is often criticized for inefficiencies in outcomes such as time and cost overruns, low productivity, poor quality and inadequate customer satisfaction. To enhance the chances for construction projects to be successful, selecting an able contractor is one of the fundamental decisions to be made by clients. The selection of the most appropriate contractor is a multi-criteria decision making (MCDM) process. In this paper, multi-attribute utility theory (MAUT) is employed utilizing the multiplicative form of utility function for ranking the prequalified contractors. Performance assessment criteria covering contracting company attributes, experience record, past performance, performance potential, financial stability and project specific criteria are considered for contractor evaluation. A case study of multistoried building for which four contractors submitted bids is considered to illustrate the applicability of multiplicative approach of MAUT to rank the prequalified contractors. The proposed MAUT decision making methodology can also be employed to other decision making situations.

Keywords: multi-attribute utility theory, construction industry, prequalification, contractor

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Authors: Li Ma, Meishuang Ma, Mengying Huang

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The quality of construction projects reflects the credit and responsibilities of construction contractors for the owners and the whole society. Because the construction contractors master more relevant information about the entrusted engineering project under construction while the owners are in unfavorable position of gaining information, asymmetric information may lead the contractors act against the owners in order to pursue their own interests. Building a powerful motivation mechanism is the key to guarantee investor economic interests and the life and property of users in construction projects. Based on principal-agent theory and game theory, the authors develop relevant mathematical models to analyze and compare the contractor’s utility functions under different combinations of contracts’ explicit incentive mechanism and reputation’s implicit incentive mechanism aiming at finding out the conditions for incentive validity. The research concludes that the most rational motivation way is to combine the explicit and implicit incentive effects of both contracts and reputation mechanism, and puts forth some measures for problems on account of China’s current situation.

Keywords: construction contractors, contract, reputation, incentive mechanism

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Authors: Ibrahim Mahamid, A. Al-Ghonamy, M. Aichouni

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This study is conducted to identify causes of cost deviations in public construction projects in Saudi Arabia from contractors’ perspective. 41 factors that might affect cost estimating accuracy were identified through literature review and discussion with some construction experts. The factors were tabulated in a questionnaire form and a field survey included 51 contractors from the Northern Province of Saudi Arabia was performed. The results show that the top five important causes are: wrong estimation method, long period between design and time of implementation, cost of labor, cost of machinary and absence of construction-cost data.

Keywords: cost deviation, public construction, cost estimating, Saudi Arabia, contractors

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Authors: Myunghoun Jang

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A survey of small-size contractors in Jeju was conducted to investigate college graduate's computer-aided design (CAD) competence. Most of small-size contractors use CAD software to review and update drawings submitted from an architect. This research analyzed the curriculum of the architectural engineering in several national universities. The CAD classes have 4 or 6 hours per week and use AutoCAD primarily. This paper proposes that a CAD class needs 6 hours per week, 2D drawing is the main theme in the curriculum, and exercises to make 3D models are also included in the CAD class. An improved method, for example Internet cafe and real time feedbacks using smartphones, to evaluate the reports and exercise results is necessary.

Keywords: CAD (Computer Aided Design), CAD education, education improvement, small-size contractor

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Authors: Iruka C. Anugwo, Winston M. Shakantu

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The objective of this study is to uncover the basic business-forces that necessitated the survival and sustainable performance of the medium scale contractors in the South African construction market. This study is essential as it set to contribute towards long-term strategic solutions for combating the incessant failure of start-ups construction organizations within South African. The study used a qualitative research methodology; as the most appropriate approach to elicit and understand, and uncover the phenomena that are basic business-forces for the active contractors in the market. The study also adopted a phenomenological study approach; and in-depth interviews were conducted with 20 medium scale contractors in Port Elizabeth, South Africa, between months of August to October 2015. This allowed for an in-depth understanding of the critical and basic business-forces that influenced their survival and performance beyond the first five years of business operation. Findings of the study showed that for potential contractors (startups), to survival in the competitive business environment such as construction industry, they must possess the basic business-forces. These forces are educational knowledge in construction and business management related disciplines, adequate industrial experiences, competencies and capabilities to delivery excellent services and products as well as embracing the spirit of entrepreneurship. Convincingly, it can be concluded that the strategic approach to minimize the endless failure of startups construction businesses; the potential construction contractors must endeavoring to access and acquire the basic educationally knowledge, training and qualification; need to acquire industrial experiences in collaboration with required competencies, capabilities and entrepreneurship acumen. Without these basic business-forces as been discovered in this study, the majority of the contractors gaining entrance in the market will find it difficult to develop and grow a competitive and sustainable construction organization in South Africa.

Keywords: basic business-forces, medium scale contractors, South Africa, sustainable organisations

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Authors: Othoman Elsayah, Naren Gupta, Binsheng Zhang

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The construction sector constitutes one of the most important sectors in the economy of any country. Contractor selection is a critical decision that is undertaken by client organizations and is central to the success of any construction project. Contractor selection (CS) is a process which involves investigating, screening and determining whether candidate contractors have the technical and financial capability to be accepted to formally tender for construction work. The process should be conducted prior to the award of contract, characterized by many factors such as: contactor’s skills, experience on similar projects, track- record in the industry, and financial stability. However, this paper evaluates the current state of knowledge in relation to contractor selection process and demonstrates the findings from the analysis of the data collected from the Delphi questionnaire survey. The survey was conducted with a group of 12 experts working in the Libyan construction industry (LCI). The paper starts by briefly explaining the general outline of the questionnaire including the survey participation rate, the different fields the experts came from, and the business titles of the participants. Then, the paper describes the tests used to determine when the experts had reached consensus. The paper is based on research which aims to develop rank contractor selection criteria with specific application to make construction projects in the Libyan context. The findings of this study will be utilized to establish the scope of work that will be used as part of a PhD research.

Keywords: contractor selection, Libyan construction industry, decision experts, Delphi technique

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Authors: Yoke-Mui Lim, Yahaya Ahmad

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Conservation works in Malaysia that is procured by public organisation usually follow the traditional approach where the works are tendered based on Bills of Quantities (BQ). One of the purposes of tendering is to enable the selection of a competent contractor that offers a competitive price. While competency of the contractors are assessed by their technical knowledge, experience and track records, the assessment of pricing will be dependent on the tender amount. However, the issue currently faced by the conservation works sector is the difficulty in assessing the competitiveness and reasonableness of the tender amount due to the high variance between the tenders amount. Thus, this paper discusses the factors that cause difficulty to the tenderers in pricing competitively in a bidding exercise for conservation tenders. Data on tendering is collected from interviews with conservation works contractors to gain in-depth understanding of the barriers faced in pricing tenders of conservation works. Findings from the study lent support to the contention that the variance of tender amount is very high amongst tenderers. The factors identified in the survey are the format of BQ, hidden works, experience and labour and material costs.

Keywords: building conservation, Malaysia, bill of quantities, tender

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Authors: Yeong-Seop Ahn, Myoung-Jin Kim, Young-Min Ko, Hyoung-Kyu Song

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This paper proposes a relay selection scheme utilizing an orthogonal variable spreading factor (OVSF) code in a cooperative communication. The relay selection scheme influences on the communication performance in the cooperative communication. Conventional relay selection schemes such as the best harmonic mean relay selection scheme or the threshold-based relay selection scheme should know information such as channel state information (CSI) in advance. The proposed relay selection scheme does not require information in advance by using a reference signal utilizing the OVSF code. The simulation result shows that bit error rate (BER) performance of proposed relay selection scheme is similar to the best harmonic mean relay selection scheme that is known as one of the optimal relay selection schemes.

Keywords: cooperative communication, relay selection, OFDM, OVSF code

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Authors: Charles Poleni Mukumba, Kahilu Kajimo-Shakantu

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Purpose: Principles of public procurement are the foundation of good public procurement, representing best practices in delivering public services by the government and its organs. They provide guidance in the public procurement cycle to achieve the best value for public resources. Tendering stage in the procurement cycle is the most critical, as tendering information is made available to bidders. The paper evaluates the implementation of public procurement principles at the tendering stage. Design/Methodology/Approach: The research was conducted by using qualitative methods with 18 SME contractors in Lusaka as the sample. The samples are business owners and managers of purposively selected SME contractors. The collected data was analysed using thematic and content analysis. Findings: The findings indicate inconsistency in accessing information critical for tendering success by bidders. Further, the findings suggest that adjustments to technical specifications are made to suit certain preferred bidders by procuring officials. Research Limitations/Implications: The interviews were limited to SME contractors registered with the national council for construction and involved in public sector construction works in Lusaka, Zambia. Practical Implications: Implementing principles of public procurement at the tendering stage creates equal, open, and fair competition for the bidders in cost terms to deliver standardised and quality works to the public sector. Original/Value: The findings reveal how principles of public procurement play a critical role in enhancing the efficient performance of the procurement cycle at the tendering stage.

Keywords: evaluating, implementation, public procurement principles, tendering stage, SME contractors

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Authors: Sareh Rajabi, Taha Anjamrooz, Salwa Bheiry

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Sustainability of construction projects is an important issue to be addressed since the sector will continue to be developed in the coming years, especially in developing countries. Thus, it is significant to discover approaches and solutions for improving sustainability. Currently, the construction industry is the largest consumer of natural resources. This is the same in other countries in the Gulf region, and the United Arab Emirates (UAE) has limited natural resources such as water, electricity, etc. Recently, the UAE has taken several actions in order to implement sustainable initiatives within its construction industry. Within the industry, the contractors’ role is significant in promoting sustainable development by taking the responsibility to minimize their negative impacts on the environment and society, and maximize their economic distribution. In this research, sustainability will be studied as an important key to bring competitive advantages to contracting organizations. The contractors should understand the need to improve their sustainable performance in order to expand their business competitiveness. Competitiveness at the construction project level refers to a contractor’s ability to compete for a project. There is less focus on how to improve contractors’ competitiveness by implementing sustainable construction practices. Based on an inclusive literature review on the relationship between sustainability performance and business competitiveness, this research will conduct a study of sustainable practice in the construction industry and the relationship between sustainability performance and business competitiveness in order to develop a framework for evaluating how contractors can improve their competitiveness in terms of more efficient processes, enhancements in productivity, and lower costs of compliance in order to reduce the initial project cost and obtain market opportunities in the UAE. The research findings will provide a framework that can be a useful guideline for contractors to develop their sustainability policy, strategy and practice for meeting the increased requirements for sustainable development in construction.

Keywords: sustainable construction practice, sustainability, competitiveness, construction industry, contractors

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Authors: Wilson P. R. Malebye, Solly M. Seeletse

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Applicants for space in selection problems are usually compared subjectively, and the selection made are not reliable and often cannot be verified scientifically. The paper illustrates objective selection by involving a mathematical measure in selecting a candidate applying for a job, and then using other two independent measures, validates the choice made. The scientific process followed is SToR (SAW, TOPSIS, WP) in which Simple Additive Weighting (SAW) is used to select, and the TOPSIS (technique for order preference by similarity to ideal solution) and weighted product (WP) are used to validate. A practical exercise was obtained from a factual selection problem in a recruitment task undertaken in an organization in which the authors consulted, and their Human Resources (HR) department wanted to check if their selection was justifiable. The result was that our approach was consistent and convincing to that HR, and theirs was not because our selection was satisfactory while theirs could not be corroborated using any method.

Keywords: candidate selection, SToR, SW, TOPSIS, WP

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Authors: Amit Gupta, Deepak Juneja, Sorabh Gupta

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This paper presents a model based on distance based approach (DBA) method employed for evaluation, selection, and ranking of replenishment policies for a single location inventory, which hitherto not developed in the literature. This work recognizes the significance of the selection problem, identifies the selection criteria, the relative importance of selection criteria for this research problem. The developed model is capable of comparing any number of alternate inventory policies for various selection criteria where cardinal values are assigned as a rating to alternate inventory polices for selection criteria and weights of selection criteria. The illustrated example demonstrates the model and presents the result in terms of ranking of replenishment policies.

Keywords: DBA, ranking, replenishment policies, selection criteria

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Authors: Chih-Fong Tsai, Ya-Han Hu

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The aim of feature selection (or dimensionality reduction) is to filter out unrepresentative features (or variables) making the classifier perform better than the one without feature selection. Since there are many well-known feature selection algorithms, and different classifiers based on different selection results may perform differently, very few studies consider examining the effect of performing different feature selection algorithms on the classification performances by different classifiers over different types of datasets. In this paper, two widely used algorithms, which are the genetic algorithm (GA) and information gain (IG), are used to perform feature selection. On the other hand, three well-known classifiers are constructed, which are the CART decision tree (DT), multi-layer perceptron (MLP) neural network, and support vector machine (SVM). Based on 14 different types of datasets, the experimental results show that in most cases IG is a better feature selection algorithm than GA. In addition, the combinations of IG with DT and IG with SVM perform best and second best for small and large scale datasets.

Keywords: data mining, feature selection, pattern classification, dimensionality reduction

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Authors: Nurullah Ekmekci, Ömer Akkaya, Kazım Karaboğa, Mahmut Tekin

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Job selection is one of the most important decisions that affect their lives in the name of being more useful to themselves and the society. There are many criteria to consider in the job selection. The amount of criteria in the job selection makes it a multi-criteria decision-making (MCDM) problem. In this study; job selection has been discussed as multi-criteria decision-making problem and has been solved by Analytic Hierarchy Process (AHP), one of the multi-criteria decision making methods. A survey, contains 5 different job selection criteria (finding a job friendliness, salary status, job , social security, work in the community deems reputation and business of the degree of difficulty) within many job selection criteria and 4 different job alternative (being academician, working at the civil service, working at the private sector and working at in their own business), has been conducted to the students of Selcuk University Faculty of Economics and Administrative Sciences. As a result of pairwise comparisons, the highest weighted criteria in the job selection and the most coveted job preferences were identified.

Keywords: analytical hierarchy process, job selection, multi-criteria, decision making

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Authors: Alexey Kulik

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This article deals with selection standards for national sport teams. The author examines the legal framework for selection criteria and suggests using the most honest criteria.

Keywords: national teams, standards of forming teams, selection standards, sport legislations

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Authors: Arta Jashari, Enver Kutllovci

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Abstract— The purpose of this study is to examine the relationship of recruitment and selection practice and performance in medium service enterprises in Kosovo. A total of 110 managers from public and private sector was analyzed. Our empirical results show that enterprises in Kosovo use recruitment and selection practice and they know how important is to have the right people with skills and knowledge accordingly with the job requirements. The outcome of Pearson correlation analysis provides evidence that recruitment and selection practice, positively and significantly influence the financial performance. Also, our results show a significant relationship between the education of managers and the use of the recruitment and selection practice. From our results we can conclude and suggest that with a good recruiting and selection, the organization will fill with a group of potentially qualified candidates who will be able to fulfill the enterprises objective.

Keywords: Human Resource, Kosovo, Recruitment and Selection, Performance

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Authors: Vishnu Goyal, Basant Agarwal

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Sentiment analysis research provides methods for identifying the people’s opinion written in blogs, reviews, social networking websites etc. Sentiment analysis is to understand what opinion people have about any given entity, object or thing. Sentiment analysis research can be broadly categorised into three types of approaches i.e. semantic orientation, machine learning and lexicon based approaches. Feature selection methods improve the performance of the machine learning algorithms by eliminating the irrelevant features. Information gain feature selection method has been considered best method for sentiment analysis; however, it has the drawback of selection of threshold. Therefore, in this paper, we propose a hybrid feature selection methods comprising of information gain and proposed feature selection method. Initially, features are selected using Information Gain (IG) and further more noisy features are eliminated using the proposed feature selection method. Experimental results show the efficiency of the proposed feature selection methods.

Keywords: feature selection, sentiment analysis, hybrid feature selection

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Authors: O. Starineca, I. Voronchuk

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Human Resources (HR) selection and training have various implementation possibilities depending on an organization’s abilities and peculiarities. We propose to base HR selection and training decisions about on a competence-based approach. HR selection and training of employees are topical as there is room for improvement in this field; therefore, the aim of the research is to propose rational decision-making approaches for an organization HR selection and training choice. Our proposals are based on the training development and competence-based selection approaches created within previous researches i.e. Analytic-Hierarchy Process (AHP) and Linear Programming. Literature review on non-formal education, competence-based selection, AHP form our theoretical background. Some educational service providers in Latvia offer employees training, e.g. motivation, computer skills, accounting, law, ethics, stress management, etc. that are topical for Public Administration. Competence-based approach is a rational base for rational decision-making in both HR selection and considering HR training.

Keywords: competence-based selection, human resource, training, decision-making

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Authors: K.-H. Yang

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In the past, there was a lot of excellent research studies conducted on topics related to supplier selection. Because the considered factors of supplier selection are complicated and difficult to be quantified, most researchers deal supplier selection issues by qualitative approaches. Compared to qualitative approaches, quantitative approaches are less applicable in the real world. This study tried to apply the quantitative approach to study a supplier selection problem with considering operation cost and delivery reliability. By those factors, this study applies Normalized Normal Constraint Method to solve the dual objectives mixed integer program of the supplier selection problem.

Keywords: bi-objectives MIP, normalized normal constraint method, supplier selection, quantitative approach

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Authors: Hai Chien Pham, Thi Phuong Anh Vo, Chansik Park

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Risks management in construction projects is important to ensure the positive feasibility of the projects in which financial risks are most concerned while construction projects always run on a credit basis. Credit risks, therefore, require unique and technical tools to be well managed. Underwriting technique in credit risks, in its most basic sense, refers to the process of evaluating the risks and the potential exposure of losses. Risks analysis and underwriting are applied as a must in banks and financial institutions who are supporters for constructions projects when required. Recently, construction organizations, especially contractors, have recognized the significant increasing of credit risks which caused negative impacts to project performance and profit of construction firms. Despite the successful application of underwriting in banks and financial institutions for many years, there are few contractors who are applying this technique to analyze and mitigate the credit risks of their potential owners before signing contracts with them for delivering their performed services. Thus, contractors have taken credit risks during project implementation which might be not materialized due to the bankruptcy and/or protracted default made by their owners. With this regard, this study proposes a model using the underwriting technique for contractors to analyze and assess credit risks of their owners before making final decisions for the potential construction contracts. Contractor’s underwriters are able to analyze and evaluate the subjects such as owner, country, sector, payment terms, financial figures and their related concerns of the credit limit requests in details based on reliable information sources, and then input into the proposed model to have the Overall Assessment Score (OAS). The OAS is as a benchmark for the decision makers to grant the proper limits for the project. The proposed underwriting model is validated by 30 subjects in Asia Pacific region within 5 years to achieve their OAS, and then compare output OAS with their own practical performance in order to evaluate the potential of underwriting model for analyzing and assessing credit risks. The results revealed that the underwriting would be a powerful method to assist contractors in making precise decisions. The contribution of this research is to allow the contractors firstly to develop their own credit risk management model for proactively preventing the credit risks of construction projects and continuously improve and enhance the performance of this function during project implementation.

Keywords: underwriting technique, credit risk, risk management, construction project

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Authors: Syed Sohaib Bin Hasib, Hiyam Al-Kilidar

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Meeting project deadlines is a major challenge for most construction projects. In this study, perceptions of contractors, clients, and consultants are compared relative to a list of factors derived from the review of the extant literature on project delay. 59 causes (categorized into 8 groups) of project delays were identified from the literature. A survey was devised to get insights and ranking of these factors from clients, consultants & contractors in the Australian construction industry. Findings showed that project delays in the Australian construction industry are mainly the result of skill shortages, interference in execution, and poor coordination and communication between the project stakeholders.

Keywords: construction, delay factors, time delay, australian construction industry

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Authors: Yaojun Wang, Yaoqing Wang

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Stock selection is an important decision-making problem. Many machine learning and data mining technologies are employed to build automatic stock-selection system. A profitable stock-selection system should consider the stock’s investment value and the market timing. In this paper, we present a hybrid system including both engage for stock selection. This system uses a case-based reasoning (CBR) model to execute the stock classification, uses a decision-tree model to help with market timing and stock selection. The experiments show that the performance of this hybrid system is better than that of other techniques regarding to the classification accuracy, the average return and the Sharpe ratio.

Keywords: case-based reasoning, decision tree, stock selection, machine learning

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Authors: Nikat Parveen, M. Ananthi

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Big data is one of the emerging technology, which collects the data from various sensors and those data will be used in many fields. Data retrieval is one of the major issue where there is a need to extract the exact data as per the need. In this paper, large amount of data set is processed by using the feature selection. Feature selection helps to choose the data which are actually needed to process and execute the task. The key value is the one which helps to point out exact data available in the storage space. Here the available data is streamed and R-Center is proposed to achieve this task.

Keywords: big data, key value, feature selection, retrieval, performance

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