Abstract
Purpose The study attempts to develop a methodology for modelling the operating and maintenance costs of an existing sustainable facility using Markov chain and to determine the most appropriate probability distribution that conform with these costs. Design/methodology/approach The paper adopts the probabilistic Markov chain model to show the trend of building costs fluctuations. It also obtains the pattern of fluctuations of operating and maintenance costs to determine whether these costs follow a Markov chain model. Findings The key findings of the statistical analysis indicated there is an existence of a Markov chain in the observed building costs from January 2011 to January 2020. It also revealed that the building costs series can best be modelled using the Weibull distribution. Research limitations/implications This paper does not cover more than one existing case study as access to historical costs is a major concern. Practical implications This research will be of interest to industry practitioners and academic researchers with an interest in building modelling. The study can be used to improve the confidence in life cycle costing (LCC) modelling. Originality/value This paper contributes with new outlooks aimed at stochastic modelling of sustainable facilities.
Keywords
Costs, Facilities, Life cycle costing, Markov, Modelling, Sustainable.
Citations
IRE Journals:
Olufolahan Oduyemi , Olayinka Abudu , Ibrahim Adenekan
"Towards A Comprehensive Life Cycle Costing Model For Sustainable Facilities" Iconic Research And Engineering Journals Volume 3 Issue 9 2020 Page 23-29
IEEE:
Olufolahan Oduyemi , Olayinka Abudu , Ibrahim Adenekan
"Towards A Comprehensive Life Cycle Costing Model For Sustainable Facilities" Iconic Research And Engineering Journals, 3(9)
About IRE Journals
IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
Important Links
For Authors
Volume 7:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 6:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 5:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 4:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 3:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12