Finans ekonomi ve sosyal araştırmalar dergisi, Mar 31, 2024
Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler gel... more Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler geliştiren bir alandır. İnşaat sektörü gibi risk oranları yüksek ve çok sayıda paydaşla çalışılması gereken bir sektörde, yönetim modellerinin kullanılmaması; öngörülemeyen maliyetler, zamanında teslim edilemeyen projeler ve iş kalitesinin düşmesi gibi sonuçlar doğurmaktadır. Projelerin yönetilebilmesi için önemli bir kaynak olan bilginin, üretimi, saklanması ve tekrar kullanılması sektörün önemli sorunlarındandır. Bu çalışmanın amacı Türk inşaat sektöründeki küçük ve orta büyüklükteki mimarlık ofislerinin (KOBMO) kullanabileceği kullanımı kolay ve maliyeti düşük bir BY modeli tasarlamaktır. Bu amaca ulaşmak için meslek insanları ile görüşme ve anket yöntemleri ile mevcut duruma ait tespitler yapılmıştır. Bu çalışmaların sonucunda bilgilerin yönetilmesi için izlenecek yöntemlerin mimarlık ofislerinde tanımlanmamış olmasının bilgilerin yönetilmesinde sorunlara neden olduğu tespit edilmiştir. Tespit edilen sorunların ışığında küçük ölçekli mimarlık ofisleri için bütünleşik bilgi yönetimi modeli (BBYM) geliştirilmiştir. Geliştirilen modelde mevcut sorunların çözümü için hem bilişim tabanlı hem de insan odaklı yöntemler önerilmiştir. Knowledge management (KM) is a field that develops methods to enable efficient use of information as a resource. Not using management models in a sector such as the construction industry, where risk rates are high and it is necessary to work with many stakeholders; This results in unpredictable costs, projects that cannot be delivered on time, and decreased work quality. Production, storage and reuse of information, an important resource for managing projects, are important sector problems. This study aims to design an easy-to-use and low-cost KM model that can be used by small and medium-sized architectural offices (SMEs) in the Turkish Construction sector. To achieve this goal, the current situation was determined through interviews with professionals and survey methods. As a result of these studies, it was determined that the methods to be followed to manage knowledge were not defined in architectural offices, causing problems in knowledge management. In light of the identified problems, an integrated knowledge management model (IKMM) was developed for small-scale architectural offices. In the developed model, both informatics-based and human-oriented methods are proposed to solve existing problems.
Finans Ekonomi ve Sosyal Araştırmalar Dergisi / Research of Financial Economic and Social Studies, 2024
Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler gel... more Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler geliştiren bir alandır. İnşaat sektörü gibi risk oranları yüksek ve çok sayıda paydaşla çalışılması gereken bir sektörde, yönetim modellerinin kullanılmaması; öngörülemeyen maliyetler, zamanında teslim edilemeyen projeler ve iş kalitesinin düşmesi gibi sonuçlar doğurmaktadır. Projelerin yönetilebilmesi için önemli bir kaynak olan bilginin, üretimi, saklanması ve tekrar kullanılması sektörün önemli sorunlarındandır. Bu çalışmanın amacı Türk inşaat sektöründeki küçük ve orta büyüklükteki mimarlık ofislerinin (KOBMO) kullanabileceği kullanımı kolay ve maliyeti düşük bir BY modeli tasarlamaktır. Bu amaca ulaşmak için meslek insanları ile görüşme ve anket yöntemleri ile mevcut duruma ait tespitler yapılmıştır. Bu çalışmaların sonucunda bilgilerin yönetilmesi için izlenecek yöntemlerin mimarlık ofislerinde tanımlanmamış olmasının bilgilerin yönetilmesinde sorunlara neden olduğu tespit edilmiştir. Tespit edilen sorunların ışığında küçük ölçekli mimarlık ofisleri için bütünleşik bilgi yönetimi modeli (BBYM) geliştirilmiştir. Geliştirilen modelde mevcut sorunların çözümü için hem bilişim tabanlı hem de insan odaklı yöntemler önerilmiştir.
Knowledge management (KM) is a field that develops methods to enable efficient use of information as a resource. Not using management models in a sector such as the construction industry, where risk rates are high and it is necessary to work with many stakeholders; This results in unpredictable costs, projects that cannot be delivered on time, and decreased work quality. Production, storage and reuse of information, an important resource for managing projects, are important sector problems. This study aims to design an easy-to-use and low-cost KM model that can be used by small and medium-sized architectural offices (SMEs) in the Turkish Construction sector. To achieve this goal, the current situation was determined through interviews with professionals and survey methods. As a result of these studies, it was determined that the methods to be followed to manage knowledge were not defined in architectural offices, causing problems in knowledge management. In light of the identified problems, an integrated knowledge management model (IKMM) was developed for small-scale architectural offices. In the developed model, both informatics-based and human-oriented methods are proposed to solve existing problems.
To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates ... more To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates and construction loans. 3. International Izmir Economics Congress, 12-13 March. / Countries use a variety of policy tools to stimulate sectors, increase their output and thus revive economic growth. One of the most important of these is to benefit from monetary policy instruments for influencing economic activity through direct interventions on interest rates and the money supply. According to this view, changes in money supply trigger a chain of reactions, starting from interest rates to investments and finally leading to a change in output. When contractionary or expansionary policies are adopted in this manner, sectoral output patterns in an economy change. Thus, relationships between output, interest rates and credit demand have long been the center of debates in economic literature. While the mechanisms empirically examining the causal links between these variables have been tested by a large number of economic studies covering various periods and countries, industrial responses to monetary policy options are still being explored. This paper presents the initial findings of a broader research on the relationships between interest rates, bank loans to the construction sector and construction output which are all affected by the adoption of different monetary transmission mechanisms. The paper concludes by insights into the prudence required for the interpretation of results and how the next phase of the research attempts to tackle these issues.
Electronic Journal of Knowledge Management, Sep 1, 2018
This paper explores the extent to which small medium Architecture, Engineering and Construction f... more This paper explores the extent to which small medium Architecture, Engineering and Construction firms (AEC) in the construction sector implement knowledge management (KM) approaches. Using data from semi-structured interviews of twenty-eight AEC firms operating in the construction sector, KM needs and challenges are analyzed and discussed. Breakdown of SME’s into micro, small and medium sub-categories reveals that the management of, in particular, tacit knowledge becomes complicated as firms grow in size. Results show that microenterprises to a great degree do not experience problems in the effective management of knowledge due to the organizational context where owner managers retain total control of the business. The most significant problem areas in the small and medium categories, on the other hand, emerge during conversion of tacit knowledge into explicit, followed by the unorganized storing of digital folders by employees and in accommodating heavy e-mail traffic. Thus, best practices aligned with the needs of firm size are recommended.
Construction Management and Economics, Jun 1, 2011
During the past several decades, globalization has led to the integration of product markets. Rap... more During the past several decades, globalization has led to the integration of product markets. Rapid increases in cross‐border economic, social, technological and cultural exchange have become the key elements of knowledge diffusion and thus technology spillovers among countries. As a result, the debate as to whether absolute convergence occurs at the cross‐country level has increasingly attracted the attention of researchers. The aim of this study is to examine the changes in the input structure of the construction industry in nine developed countries between the late 1960s and 1990 and to evaluate whether convergence occurs at input industry level. The analysis of the technical coefficients for 35 industries reveals that, across countries and over time, not only the key inputs but also the new high and low input industries are similar. The estimation of variance factors on the other hand suggests that (1) during the sample period, the input structure of the industry is dominated by divergence rather than convergence; (2) among the input industries, services in particular tend for convergence; and (3) manufacturing inputs provide a mixed picture where only a few inputs show convergence and the remaining inputs show in general weak divergence.
After a period characterized by a strong emphasis on the environmental and physical aspects of co... more After a period characterized by a strong emphasis on the environmental and physical aspects of construction processes, researchers are speeding up efforts to combine environmental performance with economic data. The driver of this movement has been the challenge of establishing a balance between the three main pillars of sustainable construction; namely the social, economic and environmental dimensions. Life Cycle Costing (LCC) has long been recognized as an important technique for the evaluation of the total cost of ownership from cradle to grave and it has frequently been used in decision making processes in construction. Life Cycle Analysis (LCA) on the other hand, measures the environmental performance; in other words the consumption of natural inputs and emissions to nature by production processes. However, the difficulties faced in the implementation and integration of life cycle methods raise concerns over the ability to meet all objectives of sustainability including the social dimension. Practical difficulties encountered in the collocation of existing tools, their structural differences, theoretical concerns, efforts to alleviate these problems and the extent to which LCC and LCA techniques may fulfil the requirements of sustainable construction are discussed. The study is expected to enhance our understanding of life cycle sustainability assessment concept and the extent to which existing tools can be integrated.
Construction is commonly regarded as an important industry in economic policy making owing to its... more Construction is commonly regarded as an important industry in economic policy making owing to its strong interactions with other sectors in the economy. Using six national input-output (IO) tables compiled to date and economic data for the period between 1969 and 2006, the behaviour of the Turkish construction sector and its relationships to investment, income and to other sectors in the economy are examined. Analysis reveals that the construction industry is losing its propulsive role and that it tends to exaggerate the fluctuations of the economy. The examination of lead and lag times between changes in GNP, construction activity and investments show that public sector spending cuts, in particular, have significant effects on the amplitude and the timing of slumps of the industry. The analysis of linkage indicators indicates that for the whole period under consideration the construction industry has high linkages with only one other industry. Thus the 'leading' role it plays in the economy is questioned.
European Journal of Sustainable Development, Feb 1, 2022
Governments all around the world are faced with economic and social problems borne from the need ... more Governments all around the world are faced with economic and social problems borne from the need for modern and reliable infrastructure. Rapid urbanization, increasing population size and economic growth are the main causes of increasing infrastructure investment needs in the world. While the need is growing, government budgets are increasingly squeezed by demands for healthcare improvements, defence, education and many others. The problems in the provision of finance for these investments are aggravated with the new Covid crisis, as the funds reserved for infrastructure investments are now likely to be allocated to urgent needs such as healthcare and unemployment benefits. In such a volatile environment, identifying future investment needs and discussing how these needs will be met is important and timely more than ever. This paper, introduces the global infrastructure investment trends in the future and discusses the use of public and private finance for infrastructure spending. In this concept, the following questions are explored, (1) What is the volume and trend of global infrastructure investment needs? (2) How do infrastructure investment needs differ among regions? (3) How will this infrastructure investment needs be financed?, and (4) What may be some of the future issues to be solved? To find out future infrastructure investment needs and trends, reports outlining the future prospects of the infrastructure sector are examined and trends are revealed. Then, a review of financing mechanisms is introduced in the light of the main procurement systems used by governments for realizing infrastructure projects. In this concept, design-bid-build, design-build and project finance models are explored in terms of their organizational and financial structure. Future issues to be solved are mainly derived from a cross examination of concerns raised in published infrastructure investment case studies and of future trends. Results reveal that the need for investment in infrastructure is growing steadily. As a response to this growth, the use of private finance is increasingly being encouraged by governments all over the world and a variety of international organizations. However, it appears that long-standing private finance issues predominantly observed in demand-based projects will continue to be discussed over the coming years by policymakers, scholars and communities. Indeed, many governments and organizations are already speeding up research efforts into ensuring the resilience of public private partnerships (PPP) in infrastructure projects. The insights from this research are expected to revive interest and research efforts into the potential future challenges for infrastructure financing and options available for governments.
Canadian Journal of Civil Engineering, Apr 1, 2016
There has been increasing interest in international construction since the late 1990s due to grow... more There has been increasing interest in international construction since the late 1990s due to growing competition in global markets. A bibliometric analysis of international construction research is conducted to evaluate the trends and to map the productivity in the field. Using the Scopus database from 2003 to 2013; document type, research performance of leading journals and authors, geographic and institutional distribution of research is assessed. The core and sub topics of the literature is also analyzed to determine critical themes in international construction. Results reveal that (1) risk management, (2) measuring performance, (3) general strategy and (or) competitiveness, and (4) foreign market entry decision are the top four core themes in international construction research. The fluctuations in the number of papers in different subject categories reflect the new tendency in international construction debate, which emphasizes a shift from measuring performance themes to general strategy and (or) competitiveness and foreign market entry decision in international construction.
Canadian Journal of Civil Engineering, Jul 1, 2021
Starting with the seminal work of Modigliani and Miller in 1958, various capital structure theori... more Starting with the seminal work of Modigliani and Miller in 1958, various capital structure theories have been set forth by corporate finance researchers, such as the trade-off and financial hierarchy theories. The present research uses data from the survey questionnaire conducted with 158 Turkish construction companies to explain the financial decisions of contractors in terms of capital structure theories. Results reveal that firm age, size and asset values appear to be positively correlated to debt-equity ratio and the volatility of earnings and cash-flows are important determinants of leverage, confirming the trade-off theory. On the other hand, the construction sector clearly follows a financial order consistent with the financial hierarchy theory, but other propositions of the theory are not supported. Overall, it is concluded that capital structure decisions of construction firms cannot fully be explained by the existing models. Rather, firms appear to exploit “windows of opportunities” emerging from changes in macro-economic indicators, such as interest rates, GDP and resulting market conditions.
In recent decades, increased complexity of construction projects combined with improvements in co... more In recent decades, increased complexity of construction projects combined with improvements in computer technology have compelled the architecture, engineering and construction (AEC) industry to integrate Building Information Modeling (BIM) into its operations. Growing client demands, contractual obligations, new government regulations and an expanded awareness on cost savings and improved efficiency provided by BIM have further stimulated the dissemination of BIM technologies in construction. However, the transformation of the industry has not been exempted from problems, many of them stemming from incongruence with a multidisciplinary working environment, collaboration issues and the challenges in the adoption and utilization of a new technology. Although there seems to be consensus among researchers and industry professionals that the proliferation of BIM in the sector would bring numerous advantages and efficiency, it is not yet clear which factors contribute to a smooth transition in the sector. Using a systematic literature review, the present research aims to reveal the challenges faced by AEC industry in the adoption and implementation of BIM technologies. In this concept, a differentiation is made between the developing and the developed countries in terms of favourable conditions/weaknesses for BIM adoption and potential problems and their solutions are discussed.
Ademci, E, Gundes, S. (2020) Individual and Organisational Level Drivers and Barriers to Building... more Ademci, E, Gundes, S. (2020) Individual and Organisational Level Drivers and Barriers to Building Information Modelling (BIM), Journal of Construction in Developing Countries, forthcoming issue. Abstract. The diffusion of BIM has remained slow and the search for a solution to the problems that prevent technology acceleration continues. Although, there is strong evidence that user resistance is a major factor in delaying the adoption of new technologies, little attention has been paid to the drivers of BIM use in literature. Besides, majority of the studies on organisational barriers focus on large firms, despite strong emphasis laid on increased collaboration in the BIM. In the current study, the drivers of and barriers to BIM adoption and implementation are explored at both individual and organisational levels through a survey conducted on 905 industry professionals from the Turkish construction industry. This study further explores differences between groups of firm size in embracing BIM technologies to assess the extent and presence of digital divide. Results reveal that professionals place more value on performance enhancing factors rather than social influence for the adoption of BIM, indicating the role of improved performance as a driver for BIM. The most prominent barriers, on the other hand, appear to be related to the availability of expertise and skills, a problem that seems to exist not solely within companies but also further down the supply chain. Policymakers seeking to disseminate BIM use may address these concerns and consider these insights to revise policies and incentives. Keywords: Building information modelling (BIM), construction industry, barriers, drivers, digital divide, BIM adoption
To cite: Propersi, A., Gundes, S. (2006) Project Finance and hydropower projects: Case study of B... more To cite: Propersi, A., Gundes, S. (2006) Project Finance and hydropower projects: Case study of Birecik dam and hydroelectric power plant project in Turkey, Joint 2006 CIB Working Commissions W065/W055/W086 International Symposium Proceedings, Construction in the XXI Century: Local and Global Challenges, p. 268-269, Rome, Italy, 18-20 Oct. Abstract Build-Operate-Transfer (BOT) hydropower projects are long-term investments that involve complex organisational structures. Infrastructure projects procured via concession contracts face certain problems especially for international projects. However, in addition, hydroelectrical power projects pose particular difficulties due to their capital intensive nature, high construction and hydrological risk, and associated environmental concerns. Combined with specific issues related to BOT model, the implementation of such projects become more complex for the parties involved. This paper aims to introduce Birecik Dam and Hydroelectric Power Plant which is the first major hydroelectric power plant realised on a BOT basis in Turkey. Birecik Power Plant comprises 6 units of 112 MW nominal capacity and the purpose is to provide power generation and irrigation. Birecik is an important project both for its size and for its complex organisational structure involving various international participants. In this concept, the challenges related to the implementation of BOT model, the way these problems are dealt by participants, principles of economical, financial and technical evaluation, total investment cost and project schedule, social and environmental sensitivities, relationships between unpredictable quantity of output and offtake agreement, project risks (public - private risk allocation), and financial structures will be analysed and strategies for to overcome these obstacles will be recommended. Keywords: BOT, hydroelectric power plants, case reports, Turkey
To cite: Gundes, S., Buyukyoran, F. (2018) A model to assess government guarantees in BOT toll ro... more To cite: Gundes, S., Buyukyoran, F. (2018) A model to assess government guarantees in BOT toll road projects using optimized real options approach. In Proceedings of the IPCMC International Project and Construction Management Conference, Nicosia, Cyprus, 16–18 November. Build-Operate-Transfer (BOT) project delivery system has long been recognized as an important tool for realizing toll road projects. However, improper risk allocation structure between public and private parties causes difficulties in obtaining finance and thus leads to unsuccessful bids during the tender process. Future traffic demand is perceived as the main risk factor in BOT toll road investments, which directly affects the financial viability of projects. Thus, public parties usually provide some incentives in the form of minimum traffic or revenue guarantees to overcome uncertainties in the traffic forecasts. Nevertheless, the challenges associated with the valuation of these guarantees may constitute a heavy burden on the public budget. In this paper, a real options based optimization model is presented to identify the upper and lower boundaries of the minimum revenue guarantees (MRG). Moreover, revenue transfer mechanism, in the form of maximum revenue cap (MRC), is adopted to the model to prohibit excess profits of the private party. The results show that the optimum upper and lower boundaries of compound MRG and MRC options identified by using the proposed model not only ensure the financial attractiveness of the projects for private parties but also bring governments contingent liabilities under control. This model can be used by both parties to establish a fair bargaining environment and a proper risk allocation mechanism.
To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates ... more To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates and construction loans. 3. International Izmir Economics Congress, 12-13 March. / Countries use a variety of policy tools to stimulate sectors, increase their output and thus revive economic growth. One of the most important of these is to benefit from monetary policy instruments for influencing economic activity through direct interventions on interest rates and the money supply. According to this view, changes in money supply trigger a chain of reactions, starting from interest rates to investments and finally leading to a change in output. When contractionary or expansionary policies are adopted in this manner, sectoral output patterns in an economy change. Thus, relationships between output, interest rates and credit demand have long been the center of debates in economic literature. While the mechanisms empirically examining the causal links between these variables have been tested by a large number of economic studies covering various periods and countries, industrial responses to monetary policy options are still being explored. This paper presents the initial findings of a broader research on the relationships between interest rates, bank loans to the construction sector and construction output which are all affected by the adoption of different monetary transmission mechanisms. The paper concludes by insights into the prudence required for the interpretation of results and how the next phase of the research attempts to tackle these issues.
Governments all around the world are faced with economic and social problems borne from the need ... more Governments all around the world are faced with economic and social problems borne from the need for modern and reliable infrastructure. Rapid urbanization, increasing population size and economic growth are the main causes of increasing infrastructure investment needs in the world. While the need is growing, government budgets are increasingly squeezed by demands for healthcare improvements, defence, education and many others. The problems in the provision of finance for these investments are aggravated with the new Covid crisis, as the funds reserved for infrastructure investments are now likely to be allocated to urgent needs such as healthcare and unemployment benefits. In such a volatile environment, identifying future investment needs and discussing how these needs will be met is important and timely more than ever. This paper, introduces the global infrastructure investment trends in the future and discusses the use of public and private finance for infrastructure spending. I...
International Journal of Transport Development and Integration, Jan 15, 2017
Build-operate-transfer (BOT) model is extensively used by many governments throughout the world f... more Build-operate-transfer (BOT) model is extensively used by many governments throughout the world for the realization of large-scale transportation projects. As a rapidly developing economy, Turkey is also increasingly referring to the use of the project finance model for delivering large-scale transport, energy and healthcare projects. Istanbul, located between Asia and europe, is one of the most important economic centres of the country. Based on this model, rapid urbanization and population growth are taking place in the city. Growing concerns over the insufficiency of the existing two bridges in meeting the traffic demands of cross-continental transport in Istanbul have urged central and local governments to find a solution for the traffic congestion problem. As a result, the government of Turkey has announced plans for building a new bridge to connect the european and Asian sides in early 2011. The construction of the new Bosphorus Strait Crossing Project which has started in 2012 is expected to be completed by 2015. however, since its launch, the project faced many diverse challenges such as delayed tendering, legal disputes, financial problems and social opposition. This study aims at exploring the problems experienced and the solutions developed as a response to these problems in the implementation and management of the third Bosphorus Bridge and the Northern Marmara Motorway Project using a case study approach. To achieve this objective, necessary data regarding the tendering process were collected from various sources. The conclusion provided at the end of this case study is expected to enhance our understanding of the use of BOT model for transport projects and risk allocation between different actors. Both public and private sector participants that are involved in delivering transport projects using the BOT model may benefit from the findings of this study.
After a period characterized by a strong emphasis on the environmental and physical aspects of co... more After a period characterized by a strong emphasis on the environmental and physical aspects of construction processes, researchers are speeding up efforts to combine environmental performance with economic data. The driver of this movement has been the challenge of establishing a balance between the three main pillars of sustainable construction; namely the social, economic and environmental dimensions. Life Cycle Costing (LCC) has long been recognized as an important technique for the evaluation of the total cost of ownership from cradle to grave and it has frequently been used in decision making processes in construction. Life Cycle Analysis (LCA) on the other hand, measures the environmental performance; in other words the consumption of natural inputs and emissions to nature by production processes. However, the difficulties faced in the implementation and integration of life cycle methods raise concerns over the ability to meet all objectives of sustainability including the social dimension. Practical difficulties encountered in the collocation of existing tools, their structural differences, theoretical concerns, efforts to alleviate these problems and the extent to which LCC and LCA techniques may fulfil the requirements of sustainable construction are discussed. The study is expected to enhance our understanding of life cycle sustainability assessment concept and the extent to which existing tools can be integrated.
Finans ekonomi ve sosyal araştırmalar dergisi, Mar 31, 2024
Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler gel... more Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler geliştiren bir alandır. İnşaat sektörü gibi risk oranları yüksek ve çok sayıda paydaşla çalışılması gereken bir sektörde, yönetim modellerinin kullanılmaması; öngörülemeyen maliyetler, zamanında teslim edilemeyen projeler ve iş kalitesinin düşmesi gibi sonuçlar doğurmaktadır. Projelerin yönetilebilmesi için önemli bir kaynak olan bilginin, üretimi, saklanması ve tekrar kullanılması sektörün önemli sorunlarındandır. Bu çalışmanın amacı Türk inşaat sektöründeki küçük ve orta büyüklükteki mimarlık ofislerinin (KOBMO) kullanabileceği kullanımı kolay ve maliyeti düşük bir BY modeli tasarlamaktır. Bu amaca ulaşmak için meslek insanları ile görüşme ve anket yöntemleri ile mevcut duruma ait tespitler yapılmıştır. Bu çalışmaların sonucunda bilgilerin yönetilmesi için izlenecek yöntemlerin mimarlık ofislerinde tanımlanmamış olmasının bilgilerin yönetilmesinde sorunlara neden olduğu tespit edilmiştir. Tespit edilen sorunların ışığında küçük ölçekli mimarlık ofisleri için bütünleşik bilgi yönetimi modeli (BBYM) geliştirilmiştir. Geliştirilen modelde mevcut sorunların çözümü için hem bilişim tabanlı hem de insan odaklı yöntemler önerilmiştir. Knowledge management (KM) is a field that develops methods to enable efficient use of information as a resource. Not using management models in a sector such as the construction industry, where risk rates are high and it is necessary to work with many stakeholders; This results in unpredictable costs, projects that cannot be delivered on time, and decreased work quality. Production, storage and reuse of information, an important resource for managing projects, are important sector problems. This study aims to design an easy-to-use and low-cost KM model that can be used by small and medium-sized architectural offices (SMEs) in the Turkish Construction sector. To achieve this goal, the current situation was determined through interviews with professionals and survey methods. As a result of these studies, it was determined that the methods to be followed to manage knowledge were not defined in architectural offices, causing problems in knowledge management. In light of the identified problems, an integrated knowledge management model (IKMM) was developed for small-scale architectural offices. In the developed model, both informatics-based and human-oriented methods are proposed to solve existing problems.
Finans Ekonomi ve Sosyal Araştırmalar Dergisi / Research of Financial Economic and Social Studies, 2024
Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler gel... more Bilgi yönetimi (BY) kaynak olarak bilginin verimli kullanılmasına olanak sağlayacak yöntemler geliştiren bir alandır. İnşaat sektörü gibi risk oranları yüksek ve çok sayıda paydaşla çalışılması gereken bir sektörde, yönetim modellerinin kullanılmaması; öngörülemeyen maliyetler, zamanında teslim edilemeyen projeler ve iş kalitesinin düşmesi gibi sonuçlar doğurmaktadır. Projelerin yönetilebilmesi için önemli bir kaynak olan bilginin, üretimi, saklanması ve tekrar kullanılması sektörün önemli sorunlarındandır. Bu çalışmanın amacı Türk inşaat sektöründeki küçük ve orta büyüklükteki mimarlık ofislerinin (KOBMO) kullanabileceği kullanımı kolay ve maliyeti düşük bir BY modeli tasarlamaktır. Bu amaca ulaşmak için meslek insanları ile görüşme ve anket yöntemleri ile mevcut duruma ait tespitler yapılmıştır. Bu çalışmaların sonucunda bilgilerin yönetilmesi için izlenecek yöntemlerin mimarlık ofislerinde tanımlanmamış olmasının bilgilerin yönetilmesinde sorunlara neden olduğu tespit edilmiştir. Tespit edilen sorunların ışığında küçük ölçekli mimarlık ofisleri için bütünleşik bilgi yönetimi modeli (BBYM) geliştirilmiştir. Geliştirilen modelde mevcut sorunların çözümü için hem bilişim tabanlı hem de insan odaklı yöntemler önerilmiştir.
Knowledge management (KM) is a field that develops methods to enable efficient use of information as a resource. Not using management models in a sector such as the construction industry, where risk rates are high and it is necessary to work with many stakeholders; This results in unpredictable costs, projects that cannot be delivered on time, and decreased work quality. Production, storage and reuse of information, an important resource for managing projects, are important sector problems. This study aims to design an easy-to-use and low-cost KM model that can be used by small and medium-sized architectural offices (SMEs) in the Turkish Construction sector. To achieve this goal, the current situation was determined through interviews with professionals and survey methods. As a result of these studies, it was determined that the methods to be followed to manage knowledge were not defined in architectural offices, causing problems in knowledge management. In light of the identified problems, an integrated knowledge management model (IKMM) was developed for small-scale architectural offices. In the developed model, both informatics-based and human-oriented methods are proposed to solve existing problems.
To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates ... more To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates and construction loans. 3. International Izmir Economics Congress, 12-13 March. / Countries use a variety of policy tools to stimulate sectors, increase their output and thus revive economic growth. One of the most important of these is to benefit from monetary policy instruments for influencing economic activity through direct interventions on interest rates and the money supply. According to this view, changes in money supply trigger a chain of reactions, starting from interest rates to investments and finally leading to a change in output. When contractionary or expansionary policies are adopted in this manner, sectoral output patterns in an economy change. Thus, relationships between output, interest rates and credit demand have long been the center of debates in economic literature. While the mechanisms empirically examining the causal links between these variables have been tested by a large number of economic studies covering various periods and countries, industrial responses to monetary policy options are still being explored. This paper presents the initial findings of a broader research on the relationships between interest rates, bank loans to the construction sector and construction output which are all affected by the adoption of different monetary transmission mechanisms. The paper concludes by insights into the prudence required for the interpretation of results and how the next phase of the research attempts to tackle these issues.
Electronic Journal of Knowledge Management, Sep 1, 2018
This paper explores the extent to which small medium Architecture, Engineering and Construction f... more This paper explores the extent to which small medium Architecture, Engineering and Construction firms (AEC) in the construction sector implement knowledge management (KM) approaches. Using data from semi-structured interviews of twenty-eight AEC firms operating in the construction sector, KM needs and challenges are analyzed and discussed. Breakdown of SME’s into micro, small and medium sub-categories reveals that the management of, in particular, tacit knowledge becomes complicated as firms grow in size. Results show that microenterprises to a great degree do not experience problems in the effective management of knowledge due to the organizational context where owner managers retain total control of the business. The most significant problem areas in the small and medium categories, on the other hand, emerge during conversion of tacit knowledge into explicit, followed by the unorganized storing of digital folders by employees and in accommodating heavy e-mail traffic. Thus, best practices aligned with the needs of firm size are recommended.
Construction Management and Economics, Jun 1, 2011
During the past several decades, globalization has led to the integration of product markets. Rap... more During the past several decades, globalization has led to the integration of product markets. Rapid increases in cross‐border economic, social, technological and cultural exchange have become the key elements of knowledge diffusion and thus technology spillovers among countries. As a result, the debate as to whether absolute convergence occurs at the cross‐country level has increasingly attracted the attention of researchers. The aim of this study is to examine the changes in the input structure of the construction industry in nine developed countries between the late 1960s and 1990 and to evaluate whether convergence occurs at input industry level. The analysis of the technical coefficients for 35 industries reveals that, across countries and over time, not only the key inputs but also the new high and low input industries are similar. The estimation of variance factors on the other hand suggests that (1) during the sample period, the input structure of the industry is dominated by divergence rather than convergence; (2) among the input industries, services in particular tend for convergence; and (3) manufacturing inputs provide a mixed picture where only a few inputs show convergence and the remaining inputs show in general weak divergence.
After a period characterized by a strong emphasis on the environmental and physical aspects of co... more After a period characterized by a strong emphasis on the environmental and physical aspects of construction processes, researchers are speeding up efforts to combine environmental performance with economic data. The driver of this movement has been the challenge of establishing a balance between the three main pillars of sustainable construction; namely the social, economic and environmental dimensions. Life Cycle Costing (LCC) has long been recognized as an important technique for the evaluation of the total cost of ownership from cradle to grave and it has frequently been used in decision making processes in construction. Life Cycle Analysis (LCA) on the other hand, measures the environmental performance; in other words the consumption of natural inputs and emissions to nature by production processes. However, the difficulties faced in the implementation and integration of life cycle methods raise concerns over the ability to meet all objectives of sustainability including the social dimension. Practical difficulties encountered in the collocation of existing tools, their structural differences, theoretical concerns, efforts to alleviate these problems and the extent to which LCC and LCA techniques may fulfil the requirements of sustainable construction are discussed. The study is expected to enhance our understanding of life cycle sustainability assessment concept and the extent to which existing tools can be integrated.
Construction is commonly regarded as an important industry in economic policy making owing to its... more Construction is commonly regarded as an important industry in economic policy making owing to its strong interactions with other sectors in the economy. Using six national input-output (IO) tables compiled to date and economic data for the period between 1969 and 2006, the behaviour of the Turkish construction sector and its relationships to investment, income and to other sectors in the economy are examined. Analysis reveals that the construction industry is losing its propulsive role and that it tends to exaggerate the fluctuations of the economy. The examination of lead and lag times between changes in GNP, construction activity and investments show that public sector spending cuts, in particular, have significant effects on the amplitude and the timing of slumps of the industry. The analysis of linkage indicators indicates that for the whole period under consideration the construction industry has high linkages with only one other industry. Thus the 'leading' role it plays in the economy is questioned.
European Journal of Sustainable Development, Feb 1, 2022
Governments all around the world are faced with economic and social problems borne from the need ... more Governments all around the world are faced with economic and social problems borne from the need for modern and reliable infrastructure. Rapid urbanization, increasing population size and economic growth are the main causes of increasing infrastructure investment needs in the world. While the need is growing, government budgets are increasingly squeezed by demands for healthcare improvements, defence, education and many others. The problems in the provision of finance for these investments are aggravated with the new Covid crisis, as the funds reserved for infrastructure investments are now likely to be allocated to urgent needs such as healthcare and unemployment benefits. In such a volatile environment, identifying future investment needs and discussing how these needs will be met is important and timely more than ever. This paper, introduces the global infrastructure investment trends in the future and discusses the use of public and private finance for infrastructure spending. In this concept, the following questions are explored, (1) What is the volume and trend of global infrastructure investment needs? (2) How do infrastructure investment needs differ among regions? (3) How will this infrastructure investment needs be financed?, and (4) What may be some of the future issues to be solved? To find out future infrastructure investment needs and trends, reports outlining the future prospects of the infrastructure sector are examined and trends are revealed. Then, a review of financing mechanisms is introduced in the light of the main procurement systems used by governments for realizing infrastructure projects. In this concept, design-bid-build, design-build and project finance models are explored in terms of their organizational and financial structure. Future issues to be solved are mainly derived from a cross examination of concerns raised in published infrastructure investment case studies and of future trends. Results reveal that the need for investment in infrastructure is growing steadily. As a response to this growth, the use of private finance is increasingly being encouraged by governments all over the world and a variety of international organizations. However, it appears that long-standing private finance issues predominantly observed in demand-based projects will continue to be discussed over the coming years by policymakers, scholars and communities. Indeed, many governments and organizations are already speeding up research efforts into ensuring the resilience of public private partnerships (PPP) in infrastructure projects. The insights from this research are expected to revive interest and research efforts into the potential future challenges for infrastructure financing and options available for governments.
Canadian Journal of Civil Engineering, Apr 1, 2016
There has been increasing interest in international construction since the late 1990s due to grow... more There has been increasing interest in international construction since the late 1990s due to growing competition in global markets. A bibliometric analysis of international construction research is conducted to evaluate the trends and to map the productivity in the field. Using the Scopus database from 2003 to 2013; document type, research performance of leading journals and authors, geographic and institutional distribution of research is assessed. The core and sub topics of the literature is also analyzed to determine critical themes in international construction. Results reveal that (1) risk management, (2) measuring performance, (3) general strategy and (or) competitiveness, and (4) foreign market entry decision are the top four core themes in international construction research. The fluctuations in the number of papers in different subject categories reflect the new tendency in international construction debate, which emphasizes a shift from measuring performance themes to general strategy and (or) competitiveness and foreign market entry decision in international construction.
Canadian Journal of Civil Engineering, Jul 1, 2021
Starting with the seminal work of Modigliani and Miller in 1958, various capital structure theori... more Starting with the seminal work of Modigliani and Miller in 1958, various capital structure theories have been set forth by corporate finance researchers, such as the trade-off and financial hierarchy theories. The present research uses data from the survey questionnaire conducted with 158 Turkish construction companies to explain the financial decisions of contractors in terms of capital structure theories. Results reveal that firm age, size and asset values appear to be positively correlated to debt-equity ratio and the volatility of earnings and cash-flows are important determinants of leverage, confirming the trade-off theory. On the other hand, the construction sector clearly follows a financial order consistent with the financial hierarchy theory, but other propositions of the theory are not supported. Overall, it is concluded that capital structure decisions of construction firms cannot fully be explained by the existing models. Rather, firms appear to exploit “windows of opportunities” emerging from changes in macro-economic indicators, such as interest rates, GDP and resulting market conditions.
In recent decades, increased complexity of construction projects combined with improvements in co... more In recent decades, increased complexity of construction projects combined with improvements in computer technology have compelled the architecture, engineering and construction (AEC) industry to integrate Building Information Modeling (BIM) into its operations. Growing client demands, contractual obligations, new government regulations and an expanded awareness on cost savings and improved efficiency provided by BIM have further stimulated the dissemination of BIM technologies in construction. However, the transformation of the industry has not been exempted from problems, many of them stemming from incongruence with a multidisciplinary working environment, collaboration issues and the challenges in the adoption and utilization of a new technology. Although there seems to be consensus among researchers and industry professionals that the proliferation of BIM in the sector would bring numerous advantages and efficiency, it is not yet clear which factors contribute to a smooth transition in the sector. Using a systematic literature review, the present research aims to reveal the challenges faced by AEC industry in the adoption and implementation of BIM technologies. In this concept, a differentiation is made between the developing and the developed countries in terms of favourable conditions/weaknesses for BIM adoption and potential problems and their solutions are discussed.
Ademci, E, Gundes, S. (2020) Individual and Organisational Level Drivers and Barriers to Building... more Ademci, E, Gundes, S. (2020) Individual and Organisational Level Drivers and Barriers to Building Information Modelling (BIM), Journal of Construction in Developing Countries, forthcoming issue. Abstract. The diffusion of BIM has remained slow and the search for a solution to the problems that prevent technology acceleration continues. Although, there is strong evidence that user resistance is a major factor in delaying the adoption of new technologies, little attention has been paid to the drivers of BIM use in literature. Besides, majority of the studies on organisational barriers focus on large firms, despite strong emphasis laid on increased collaboration in the BIM. In the current study, the drivers of and barriers to BIM adoption and implementation are explored at both individual and organisational levels through a survey conducted on 905 industry professionals from the Turkish construction industry. This study further explores differences between groups of firm size in embracing BIM technologies to assess the extent and presence of digital divide. Results reveal that professionals place more value on performance enhancing factors rather than social influence for the adoption of BIM, indicating the role of improved performance as a driver for BIM. The most prominent barriers, on the other hand, appear to be related to the availability of expertise and skills, a problem that seems to exist not solely within companies but also further down the supply chain. Policymakers seeking to disseminate BIM use may address these concerns and consider these insights to revise policies and incentives. Keywords: Building information modelling (BIM), construction industry, barriers, drivers, digital divide, BIM adoption
To cite: Propersi, A., Gundes, S. (2006) Project Finance and hydropower projects: Case study of B... more To cite: Propersi, A., Gundes, S. (2006) Project Finance and hydropower projects: Case study of Birecik dam and hydroelectric power plant project in Turkey, Joint 2006 CIB Working Commissions W065/W055/W086 International Symposium Proceedings, Construction in the XXI Century: Local and Global Challenges, p. 268-269, Rome, Italy, 18-20 Oct. Abstract Build-Operate-Transfer (BOT) hydropower projects are long-term investments that involve complex organisational structures. Infrastructure projects procured via concession contracts face certain problems especially for international projects. However, in addition, hydroelectrical power projects pose particular difficulties due to their capital intensive nature, high construction and hydrological risk, and associated environmental concerns. Combined with specific issues related to BOT model, the implementation of such projects become more complex for the parties involved. This paper aims to introduce Birecik Dam and Hydroelectric Power Plant which is the first major hydroelectric power plant realised on a BOT basis in Turkey. Birecik Power Plant comprises 6 units of 112 MW nominal capacity and the purpose is to provide power generation and irrigation. Birecik is an important project both for its size and for its complex organisational structure involving various international participants. In this concept, the challenges related to the implementation of BOT model, the way these problems are dealt by participants, principles of economical, financial and technical evaluation, total investment cost and project schedule, social and environmental sensitivities, relationships between unpredictable quantity of output and offtake agreement, project risks (public - private risk allocation), and financial structures will be analysed and strategies for to overcome these obstacles will be recommended. Keywords: BOT, hydroelectric power plants, case reports, Turkey
To cite: Gundes, S., Buyukyoran, F. (2018) A model to assess government guarantees in BOT toll ro... more To cite: Gundes, S., Buyukyoran, F. (2018) A model to assess government guarantees in BOT toll road projects using optimized real options approach. In Proceedings of the IPCMC International Project and Construction Management Conference, Nicosia, Cyprus, 16–18 November. Build-Operate-Transfer (BOT) project delivery system has long been recognized as an important tool for realizing toll road projects. However, improper risk allocation structure between public and private parties causes difficulties in obtaining finance and thus leads to unsuccessful bids during the tender process. Future traffic demand is perceived as the main risk factor in BOT toll road investments, which directly affects the financial viability of projects. Thus, public parties usually provide some incentives in the form of minimum traffic or revenue guarantees to overcome uncertainties in the traffic forecasts. Nevertheless, the challenges associated with the valuation of these guarantees may constitute a heavy burden on the public budget. In this paper, a real options based optimization model is presented to identify the upper and lower boundaries of the minimum revenue guarantees (MRG). Moreover, revenue transfer mechanism, in the form of maximum revenue cap (MRC), is adopted to the model to prohibit excess profits of the private party. The results show that the optimum upper and lower boundaries of compound MRG and MRC options identified by using the proposed model not only ensure the financial attractiveness of the projects for private parties but also bring governments contingent liabilities under control. This model can be used by both parties to establish a fair bargaining environment and a proper risk allocation mechanism.
To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates ... more To cite: Gundes, S., Atakul, N. (2021) Relationships between construction output, interest rates and construction loans. 3. International Izmir Economics Congress, 12-13 March. / Countries use a variety of policy tools to stimulate sectors, increase their output and thus revive economic growth. One of the most important of these is to benefit from monetary policy instruments for influencing economic activity through direct interventions on interest rates and the money supply. According to this view, changes in money supply trigger a chain of reactions, starting from interest rates to investments and finally leading to a change in output. When contractionary or expansionary policies are adopted in this manner, sectoral output patterns in an economy change. Thus, relationships between output, interest rates and credit demand have long been the center of debates in economic literature. While the mechanisms empirically examining the causal links between these variables have been tested by a large number of economic studies covering various periods and countries, industrial responses to monetary policy options are still being explored. This paper presents the initial findings of a broader research on the relationships between interest rates, bank loans to the construction sector and construction output which are all affected by the adoption of different monetary transmission mechanisms. The paper concludes by insights into the prudence required for the interpretation of results and how the next phase of the research attempts to tackle these issues.
Governments all around the world are faced with economic and social problems borne from the need ... more Governments all around the world are faced with economic and social problems borne from the need for modern and reliable infrastructure. Rapid urbanization, increasing population size and economic growth are the main causes of increasing infrastructure investment needs in the world. While the need is growing, government budgets are increasingly squeezed by demands for healthcare improvements, defence, education and many others. The problems in the provision of finance for these investments are aggravated with the new Covid crisis, as the funds reserved for infrastructure investments are now likely to be allocated to urgent needs such as healthcare and unemployment benefits. In such a volatile environment, identifying future investment needs and discussing how these needs will be met is important and timely more than ever. This paper, introduces the global infrastructure investment trends in the future and discusses the use of public and private finance for infrastructure spending. I...
International Journal of Transport Development and Integration, Jan 15, 2017
Build-operate-transfer (BOT) model is extensively used by many governments throughout the world f... more Build-operate-transfer (BOT) model is extensively used by many governments throughout the world for the realization of large-scale transportation projects. As a rapidly developing economy, Turkey is also increasingly referring to the use of the project finance model for delivering large-scale transport, energy and healthcare projects. Istanbul, located between Asia and europe, is one of the most important economic centres of the country. Based on this model, rapid urbanization and population growth are taking place in the city. Growing concerns over the insufficiency of the existing two bridges in meeting the traffic demands of cross-continental transport in Istanbul have urged central and local governments to find a solution for the traffic congestion problem. As a result, the government of Turkey has announced plans for building a new bridge to connect the european and Asian sides in early 2011. The construction of the new Bosphorus Strait Crossing Project which has started in 2012 is expected to be completed by 2015. however, since its launch, the project faced many diverse challenges such as delayed tendering, legal disputes, financial problems and social opposition. This study aims at exploring the problems experienced and the solutions developed as a response to these problems in the implementation and management of the third Bosphorus Bridge and the Northern Marmara Motorway Project using a case study approach. To achieve this objective, necessary data regarding the tendering process were collected from various sources. The conclusion provided at the end of this case study is expected to enhance our understanding of the use of BOT model for transport projects and risk allocation between different actors. Both public and private sector participants that are involved in delivering transport projects using the BOT model may benefit from the findings of this study.
After a period characterized by a strong emphasis on the environmental and physical aspects of co... more After a period characterized by a strong emphasis on the environmental and physical aspects of construction processes, researchers are speeding up efforts to combine environmental performance with economic data. The driver of this movement has been the challenge of establishing a balance between the three main pillars of sustainable construction; namely the social, economic and environmental dimensions. Life Cycle Costing (LCC) has long been recognized as an important technique for the evaluation of the total cost of ownership from cradle to grave and it has frequently been used in decision making processes in construction. Life Cycle Analysis (LCA) on the other hand, measures the environmental performance; in other words the consumption of natural inputs and emissions to nature by production processes. However, the difficulties faced in the implementation and integration of life cycle methods raise concerns over the ability to meet all objectives of sustainability including the social dimension. Practical difficulties encountered in the collocation of existing tools, their structural differences, theoretical concerns, efforts to alleviate these problems and the extent to which LCC and LCA techniques may fulfil the requirements of sustainable construction are discussed. The study is expected to enhance our understanding of life cycle sustainability assessment concept and the extent to which existing tools can be integrated.
Greenage: Approaches & Perspectives Towards Sustainability, 2012
To cite this book chapter:
Gundes, S. (2012) "Economy and environment: the valuation of environm... more To cite this book chapter: Gundes, S. (2012) "Economy and environment: the valuation of environmental assets", in Greenage: Approaches & Perspectives Towards Sustainability, MSGSU Publications, Istanbul, p. 126-144. ISBN 978-605-127-441-6.
GreenAge APPROACHES & PERSPECTIVES TOWARDS SUSTAINABILITY, 2012
To cite this book: Ergonul, S.; Kocabas, A. et.al. (ed.s) (2012) GreenAge: approaches & perspecti... more To cite this book: Ergonul, S.; Kocabas, A. et.al. (ed.s) (2012) GreenAge: approaches & perspectives towards sustainability, Istanbul: Mimar Sinan Fine Arts University, Faculty of Architecture, ISBN: 978-605-127-441-6 Publication Code: MSGSÜ-MF-010/12-K
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Papers by Selin Gundes
Knowledge management (KM) is a field that develops methods to enable efficient use of information as a resource. Not using management models in a sector such as the construction industry, where risk rates are high and it is necessary to work with many stakeholders; This results in unpredictable costs, projects that cannot be delivered on time, and decreased work quality. Production, storage and reuse of information, an important resource for managing projects, are important sector problems. This study aims to design an easy-to-use and low-cost KM model that can be used by small and medium-sized architectural offices (SMEs) in the Turkish Construction sector. To achieve this goal, the current situation was determined through interviews with professionals and survey methods. As a result of these studies, it was determined that the methods to be followed to manage knowledge were not defined in architectural offices, causing problems in knowledge management. In light of the identified problems, an integrated knowledge management model (IKMM) was developed for small-scale architectural offices. In the developed model, both informatics-based and human-oriented methods are proposed to solve existing problems.
Knowledge management (KM) is a field that develops methods to enable efficient use of information as a resource. Not using management models in a sector such as the construction industry, where risk rates are high and it is necessary to work with many stakeholders; This results in unpredictable costs, projects that cannot be delivered on time, and decreased work quality. Production, storage and reuse of information, an important resource for managing projects, are important sector problems. This study aims to design an easy-to-use and low-cost KM model that can be used by small and medium-sized architectural offices (SMEs) in the Turkish Construction sector. To achieve this goal, the current situation was determined through interviews with professionals and survey methods. As a result of these studies, it was determined that the methods to be followed to manage knowledge were not defined in architectural offices, causing problems in knowledge management. In light of the identified problems, an integrated knowledge management model (IKMM) was developed for small-scale architectural offices. In the developed model, both informatics-based and human-oriented methods are proposed to solve existing problems.
Gundes, S. (2012) "Economy and environment: the valuation of environmental assets", in Greenage: Approaches & Perspectives Towards Sustainability, MSGSU Publications, Istanbul, p. 126-144. ISBN 978-605-127-441-6.
Publication Code: MSGSÜ-MF-010/12-K