This thesis deals with risk management and its integration as a controlling tool in life cycle management for the long term maximization of the value of a project as well as the minimization of life cycle costs including cost uncertainties. The subject of this work is the development of a cost-model, which refers to the risk costs of the entire life cycle costs, consisting of the construction costs according to ÖNORM B 1801-1 and the follow-up costs according to ÖNORM B 1801-2.
Risk management is an iterative process whose sub-processes involve the identification, analysis, assessment and management of risks. Based on the significant risks that must be specified individually for each project type, risk costs are determined and assigned to the respective cost group of the risk-cost-model. The purpose of this is to enable the user to create reliable cost planning by continuously updating existing data in order to meet the cost budget specified by the client.
The model consists of four phases (1st initial investment, 2nd life cycle cost 3rd yields and 4rd optimization potentials) and serves to track and control the costs of the initial investment, the operating phase and finding optimization potentials that can have a positive effect on the overall result of the life cycle of a property. On one hand these include the monetary aspects such as the minimization of the investment and follow-up costs, the increase of yields and the value of the building, on the other hand properties that are not directly assessable in monetary terms, such as the longevity, flexibility and sustainability of a property.
In the course of the work, the interdependence of these factors is exemplified and the importance of scenario technique as a tool for identifying the significant risks is demonstrated. The cumulative application of the four phases of the risk-cost-model illustrates how large the impact of the investment costs can be on the follow-up costs and how these costs affect the yield as well as the lifetime of the property. By applying the model, the most sustainable and economical approach can be identified early to ensure the optimal overall performance of a property with the goal of a minimum of investment and follow-up costs for maximum yield, taking into account the longevity, the building value and the quality of the property.