Synopses & Reviews
Whole life appraisal is a valuable tool that considers both cost and performance over the whole life of a facility and involves balancing the capital costs against the future operating and maintenance costs, whether it is a school, a road, an airport or a power plant. Privatisation around the world has led to an increase in the number of build-operate-transfer/public private partnerships/concession schemes where a concession is granted to design, finance, build and operate a facility over a time horizon of 20-30 years. Balancing whole life cost and performance against the capital costs is crucial to the concession team for the economic viability of the investment.
This book explains the principles, techniques and use of whole life appraisal in a straightforward, practical and comprehensible way. It addresses the data problems that arise and explains the jargon shrouding the whole life appraisal concept. Finally, it discusses the benefits and challenges of using a whole life approach for the appraisal of assets from design, through construction and into the operating phase.
Roger Flanagan is Professor of Construction Management in the School of Construction Management and Engineering at the University of Reading, UK. He is a part time Professor in Chalmers University of Technology, Gothenburg, Sweden and a visiting Professor in Chongqing, People's Republic of China, Cape Town, South Africa, and Istanbul, Turkey.
Carol Jewell is a Research Fellow in the School of Construction Management and Engineering at the University of Reading. Her areas of expertise include whole life appraisal, risk, future studies and competitiveness. She has co-authored a number of books and publications and compiled data on global construction output, developing links with construction data sources all over the world
Whole Life-cycle Costing
Risk and Risk Responses
Abdelhalim Boussabaine & Richard Kirkham
Value Management of Construction Projects
John Kelly, Steven Male & Drummond Graham
Front cover images show the construction of the ‘Stratford Box’ part of the Channel Tunnel Rail Link (CTRL), Britain's first major new railway for over a century; a public-private partnership. The photos are courtesy of CTRL and Skanska UK plc
Whole life appraisal entails a review not just of the capital costs of a project, but also the running and maintenance costs and is increasingly being required by clients seeking maximum value for money. This new book provides an introduction to the subject, discusses issues such as investment appraisal and life expectancy of components, and shows by means of case studies how to carry out a whole life appraisal.
Table of Contents
Whole life appraisal – an overview; Whole life appraisal: preliminary concepts ; An overview of whole life appraisal ; Whole life appraisal at the planning and design stage; Discounting and the time value of money; Data sources for whole life appraisal; Operations and maintenance; A practical approach to whole life appraisal for construction; Taxation and whole life appraisal; Integrated Logistic Support (ILS); A case study; Summary and conclusions; Glossary of terms