TY - JOUR
T1 - Towards operational hedging for logistics uncertainty management in prefabrication construction
AU - Zhai, Y.
AU - Zhong, Ray Y.
AU - Huang, George Q.
N1 - Funding Information:
The Research Team would like to thank the HKSAR ITC/LSCM R&D Centre for partially funding this research through the Innovation and Technology Support Programme (Project Reference.: ITP/0451/ 3LP). The Research Team is grateful to the Hong Kong Housing Authority and its contractors for supporting and participating in this research through a real project application. National Natural Science Foundation of China (Grant No. 51405307) is also acknowledged.
Publisher Copyright:
© 2015, IFAC (International Federation of Automatic Control) Hosting by Elsevier Ltd. All rights reserved.
PY - 2015/5/1
Y1 - 2015/5/1
N2 - Current years, prefabrication construction has been widely used in the building industry, from which large number of uncertainties exist and may greatly influence the quality and efficiency. This paper proposes a vision of operational hedging to address these uncertainties. Main focus is placed upon prefab factory, prefab logistics, and on-site assembly which are three key phases in a prefabrication project. Several hedging strategies such as lead-time hedging, space hedging, and L+S hedging are introduced. A demonstrative case from Hong Kong Housing Authority is presented for explaining how these strategies are used for different decision makers to cooperate so as to improve the quality and efficiency of operational executions. This paper opens an area in where hedging methodologies, models, solution algorithms, as well as practical cases could be further studied in other area.
AB - Current years, prefabrication construction has been widely used in the building industry, from which large number of uncertainties exist and may greatly influence the quality and efficiency. This paper proposes a vision of operational hedging to address these uncertainties. Main focus is placed upon prefab factory, prefab logistics, and on-site assembly which are three key phases in a prefabrication project. Several hedging strategies such as lead-time hedging, space hedging, and L+S hedging are introduced. A demonstrative case from Hong Kong Housing Authority is presented for explaining how these strategies are used for different decision makers to cooperate so as to improve the quality and efficiency of operational executions. This paper opens an area in where hedging methodologies, models, solution algorithms, as well as practical cases could be further studied in other area.
KW - Logistics uncertainty
KW - Operational hedging strategy
KW - Prefabrication construction
KW - Supply chain
UR - http://www.scopus.com/inward/record.url?scp=84953872548&partnerID=8YFLogxK
U2 - 10.1016/j.ifacol.2015.06.235
DO - 10.1016/j.ifacol.2015.06.235
M3 - Conference article
AN - SCOPUS:84953872548
SN - 2405-8963
VL - 48
SP - 1128
EP - 1133
JO - IFAC-PapersOnLine
JF - IFAC-PapersOnLine
IS - 3
T2 - 15th IFAC Symposium on Information Control Problems in Manufacturing, INCOM 2015
Y2 - 11 May 2015 through 13 May 2015
ER -