Enhancement of Total Float Management Approach for Delay Claims Preparation
1 year ago
Authors:
Võ Minh Huy,Yang Jyh Bin,Thạch Vũ Đình Vi
Publication date:
13 / 08 / 2022
Name of Publishers:
The 5th International Conference on Research in Engineering and Technology (RET2002)
Abstract:
Abstract—Many delay analysis techniques have been proposed
and used for gradually analyzing schedule delay problems. No
universal technique, however, can solve all complex project
situations which is fully accepted by project participants. The
Total Float Management (TFM) technique is definitely capable
of dealing with identified four major delay problems and
measuring total float consumption but the relative cost of float
consumption is not plausibly considered. This study is to develop
an integrated time and cost approach based on the TFM
approach that can be used to analyze schedule delays and to
prepare delay claims by quantifying delay costs. The
methodology adopted in the research consists of executing an
intensive literature review, identifying the ideal delay analysis
technique – TFM, and proposing framework components
calculated acceleration/ escalation, overhead, impact cost, float
consumption cost and liquidated damages. The proposed
approach can calculate float consumption cost and delay costs
for project parties. Study results are helpful since the contract
parties may achieve a credibly transparent outcome to
primarily allocate and apportion delay damages in terms of time
and cost.
Keywords—Delay Costs and Float Consumption Cost,
Schedule Delays, Total Float Management Technique.