Improved capital procurement through increased use of quantitatively-based decisions

Abstract

The procurement of major capital projects always involves significant risk and uncertainties and this is one of the primary causes for the variations from expected outcomes. This paper outlines the delimitation between strategies for making complex decisions using quantitative analyses as opposed to the techniques and applications currently being used by project and construction managers. Various approaches have been developed and adopted by researchers and practitioners to improve the quality of critical project decisions to maximise benefits. Strategic frameworks and organisational hierarchies are frequently deemed as an optimal solution from the perspective of industrial participants, whi..