Decision Analysis for New Construction Technology Implementation

This paper first reviews factors that are the basis of construction technology development. The economic feasibility study of implementing a new technology in a construction firm is decomposed into the feasibility study of technology acquistion and that of technology operation. Risks associated with each of these two parts are identified. Based on the theory of utility under uncertainty, a model for evaluation of new technology alternatives is proposed. An example of decision analysis for implementation of partially automated tremie concreting of slurry walls is presented to illustrate this method. The significance of sensitivity analysis in the evaluation process is discussed.