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http://dx.doi.org/10.13106/jafeb.2021.vol8.no2.0195

Evaluation Factors Influencing Construction Price Index in Fuzzy Uncertainty Environment  

NGUYEN, Phong Thanh (Department of Project Management, Ho Chi Minh City Open University)
HUYNH, Vy Dang Bich (Department of Learning Material, Ho Chi Minh City Open University)
NGUYEN, Quyen Le Hoang Thuy To (Office of Cooperation and Research Management, Ho Chi Minh City Open University)
Publication Information
The Journal of Asian Finance, Economics and Business / v.8, no.2, 2021 , pp. 195-200 More about this Journal
Abstract
In recent years, Vietnam's economic growth rate has been attributed to the growth of many well-managed industries within Southeast Asia. Among them is the civil construction industry. Construction projects typically take a long time to complete and require a huge budget. Many socio-economic variables and factors affect total construction project costs due to market fluctuations. In recent years, crucial socioeconomic development indicators of construction reached a fairly high growth rate. Also, most infrastructure and construction projects have a high degree of complexity and uncertainty. This makes it challenging to predict the accurate project price. These challenges raise the need to recognize significant factors that influence the construction price index of civil buildings in Vietnam, both micro and macro. Therefore, this paper presents critical factors that affect the construction price index using the fuzzy extent analysis process in an uncertain environment. This proposed quantitative model is expected to reflect the uncertainty in the process of evaluating and ranking the influencing factors of the construction price index in Vietnam. The research results would also allow project stakeholders to be more informed of the factors affecting the construction price index in the context of Vietnam's civil construction industry. They also enable construction contractors to estimate project costs and bid rates better, enhancing their project and risk management performance.
Keywords
Construction Management; Price Index; Fuzzy Logic; Project Management; Uncertainty Environment;
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