Application of life cycle costing method to a renovation project

Abstract

In this study, we have examined the application of Lee analysis method to the construction and renovation stages of a building project. The application of the Lee analysis is currently limited to the very early stages of a project life, namely at the concept and design stages. We propose application of the Lee method, with several modifications, to the construction and renovation stages. The simplified Lee method is proposed and examined in the first two case studies. The simplified method limits the range and complexity of data inputs, and is intended to be an Lee used by engineers practicing in the construction industry. In the third case study, the "Lee per square-foot", which implements the concept of the "square-foot" cost estimating, is proposed. This method is intended to be used to assess the residual value and to estimate running costs of an existing building. Necessary modifications of the Lee, as well as the accuracy and limits of these new methods are examined through three case studies.