The Optimal Strategy of Using BIM in Construction Management

Abstract

Measuring the benefits of using Building Information Model (BIM) has recently been investigated by the researchers in the construction management field of study. Yet due to BIM is an emerging technology within the construction industry, there is still not much information available in the markets, giving rise to quantifying the benefit and other economic outcome via traditional statistical model from the perspective of the project management is a mission impossible target. To fill such knowledge gap, this paper intends to introduce a real option model, through which an optimal strategy by using BIM in the construction management is given. Typically, the result of the model would answer the how much opportunity cost that the company should sacrifice would produce the optimal payoff.