Towards A Framework for Development of Operational and Maintenance Cost Model of Highway Project in Malaysia

Abstract

A major role of cost model is to ensure that the resource being handled is maintainable, functional and secure. The last decade has shown that attention to the idea of cost model added value to accomplish this management. In the context of cost model research and practice, the purpose of this paper is to identify, compare and describe the different cost models and investigate their value parameters. A systematic literature review of various publications has been followed in order to categorize the different theoretical models and to analyze the key quality parameters in the cost model. The established eight theoretical models were described in the sense of cost and the variant research projects and structures have taken into account very diverse parameters. In cost models, this analysis organizes 11-various quality parameters into four relevant headings: individuals, system and material, economy and social. Among all value parameters, cost reduction and customer satisfaction, followed by efficiency, are the most prioritized value parameters. This paper results provide a sound basis and realistic interpretation of future research to harmonize the definition of cost model added value as it is based solely on literature review.