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Multi-Objective Optimization Of Build-Operate-Transfer (BOT) Tender Problem For Private Sector Companies

Year 2014, Volume 2, Issue 2, 2014, 36 - 49, 29.12.2014
https://doi.org/10.17093/aj.2014.2.2.5000083954

Abstract

Today, around the world, Build-Operate-Transfer (BOT) project finance model is used frequently in numerous projects. One key aspect to the success of project company who wishing to gain BOT tender is to prepare a financial package consistent with the expectations of the related participants in accordance with BOT contract. The debt to equity ratio, the concession length and the unit prices are the important financial decision variables to be determined by the project company. The objective of this paper is to present financial optimization model including two different procurement objectives; (1) potential of winning a BOT project and (2) potential of finding debt. The optimization model solved by multi-objective evolutionary algorithm generate a set of pareto solutions to help project company assess the trade-offs between the two competing objectives. To show application of the model, a real airport YİD project in Turkey study is conducted.

References

  • Akintoye A., Hardcastle C., Beck M., Chinyio E., Asenova D., (2003). Achieving Best Value in Private Finance İnitiative Project Procurement, Construction Management and Economics 21(5), 461-470.
  • Bakatjan S., Arikan M., Tiong R. L. K., (2003). Optimal Capital Structure Model for BOT Power Projects in Turkey, ASCE, J. Constr. Engrg. and Mgmt. 129(1), 89-97.
  • Başer M., (2000). Proje Finansmanında Bir Araç Olarak Yid Modeli ve İzmit Büyükşehir Belediyesi Su Temin Projesinde Modelin Uygulanışı, Eskişehir: Doktora Tezi.
  • Coello Coello C.A., Van Veldhuizen D.A., Lamont G.B., (2002). Evolutionary Algorithms For Solving Multi-Objective Problems, Kluwer Academic, New York.
  • Duman S., Öztürk A., Tutkun N., (2011). Güç Sistemi Kararlı Kılıcısı için Diferansiyel Evrim Algoritması Kullanarak PID Kontrolör Parametrelerinin Belirlenmesi, Elazığ: 6 th International Advanced Technologies Symposium (IATS’11).
  • Durucasu H., Acar E., (2014). Use of Evolutionary Algorithm in the Investment Project Evaluation, Global Interdıscıplınary Busıness-Economıcs Advancement Conference (GIBA), May 15-18, Florida, USA, 2333-4207, p. 251-260.
  • Ersönmez C., (1995). Yap İşlet Devret Modeli ve Modelin Finansmanına İlişkin Bir Analiz, Uzmanlık Tezi, Ankara: Hazine ve Dış Ticaret Müsteşarlığı.
  • Goldberg D. E., (1989). Genetic Algorithms in Search, Optimization, and Machine Learning, Addison-Wesley Pub. Co., Reading, Mass.
  • Islam M., (2008). Optimizing Concessionary Items' Values For Procuring Privately Financed Infrastructure Projects. Ph.D Thesis. Australia: Griffith University.
  • Islam M.M., Mohamed, S., Blumenstein M., (2006). Towards an Optimal Financial Investment Decısıon In Buıld-Operate-Transfer Projects Usıng Genetıc Algorıthms, Proceedings of the Third Joint International Conferencce on Computing and Decision Making in Civil and Building Engineering, June 14-16, Montreal, Canada, 1554-1563.
  • Iyer K.C ., Sagheer M., (2012). Optimization of Bid-Winning Potential and Capital Structure for Build-Operate-Transfer Road Projects in India, J. Manage. Eng., 28(2), 104–113.
  • Kapanoğlu M., (2011).Genetik Algoritma Ders Notları, Eskişehir: Osmangazi Üniversitesi.
  • Lang L.H.P., (1998). Project finance in Asia. Amsterdam: Elsevier Science B.V.
  • Liou F., Yang C., Chen B., Chen W., (2011). Identifying The Pareto‐Front Approximation for Negotiations Of BOT Contracts With A Multi‐Objective Genetic Algorithm. Construction Management & Economics. Taylor and Francis Journals 0144-6193. - Vol. 29.2011, 5, p. 535-548.
  • Liu B., Fernandez V., Zhang Q., Pak M., Sipahi S., Fellow G. G., (2010). An Enhanced MOEA/D-DE And Its Application To Multiobjective Analog Cell Sizing, IEEE, Congress on Evolutionary Computation 978-1-4244-8126-2/10.
  • Pak M., (2011). An Enhanced Multi-Objectıve Evolutionary Algorithm (MOEA/D-DE) For The Applications Of Analog Sizing With Both W/L And A Novel Operating Point Driven (Opd) Based Methods. Yüksek Lisans Tezi, Turkiye, Istanbul: Boğaziçi Universitesi.
  • Ranasinghe M., (1999). Private Sector Participation in Infrastructure Projects: A Methodology to Analyse Viability of BOT, Construction Management and Economics 17(5), 613-623.
  • Sağ T., Çunkaş M., (2009). Çok amaçlı Genetik Algoritmalar İçin Bir Çevrimdışı Performans Değerlendirmesi. 5. Uluslararası İleri Teknolojiler Sempozyumu (IATS’09). Karabük: Karabük Üniversitesi.
  • Tapia C.G., Murtagh B.A., (1991). Interactive Fuzzy Programming With Preference Criteria İn Multiobjective Decision Making. Computers and Operational Research 18, 307-318.
  • Tiong R.L.K., (1996). CSFs in Competitive Tendering And Negotiation Model For BOT Projects. Journal Of Construction Enginering And Management 122(3), 205-211.
  • Wang L., Singh C., (2007). Environmental/Economic Power Dispatch Using A Fuzzified Multi-Objective Partical Swarm Optimization Algorithm, Electric Power Systems Research 77(12), 1654-1664.
  • Yun S., Han S. H., Kim H., Ock J. H., (2009). Capital Structure Optimization for Build-Operate-Transfer (BOT) Projects Using A Stochastic and Multi-Objective Approach, Canadian Journal of Civil Engineering 36, 777–790.
  • Zhang X., (2005). Financial Viability Analysis and Capital Structure Optimization in Privatized Public Infrastructure Projects, Journal of Construction Engineering and Management (131)6, 656-668.

ÖZEL SEKTÖR ŞİRKETLERİ İÇİN YİD İHALE PROBLEMİNİN ÇOK AMAÇLI OPTİMİZASYONU

Year 2014, Volume 2, Issue 2, 2014, 36 - 49, 29.12.2014
https://doi.org/10.17093/aj.2014.2.2.5000083954

Abstract

Bugün dünyada pek çok projede Yap İşlet Devret (YİD) proje finansman modelinin sıklıkla kullanıldığını gözlemlemekteyiz. YİD ihalesini kazanmak isteyen proje şirketinin başarısı için kilit görüş, YİD sözleşmesi gereğince ilişkide olduğu tarafların beklentileriyle uyumlu finansal bir paket hazırlamasıdır. Proje şirketinin belirleyeceği özsermaye borç oranı, imtiyaz (çalışma) süresi ve ürün/hizmetlerin birim fiyatları önemli finansal karar değişkenleridir. Proje şirketinin ihaleyi kazanma potansiyeli ve borç bulma potansiyeli iki farklı ihale hedefidir. Çalışmanın amacı, bu hedefleri içeren finansal optimizasyon modelini sunmaktır. Çok amaçlı evrimsel algoritma ile çözümlenen model, pareto çözümler kümesi sunarak, iki çelişen amaç arasındaki değişimi değerlendirmede karar vericilere yardımcı olmaktadır. Modelin uygulaması için Türkiye’deki bir havaalanı YİD projesi verileri kullanılmıştır.

References

  • Akintoye A., Hardcastle C., Beck M., Chinyio E., Asenova D., (2003). Achieving Best Value in Private Finance İnitiative Project Procurement, Construction Management and Economics 21(5), 461-470.
  • Bakatjan S., Arikan M., Tiong R. L. K., (2003). Optimal Capital Structure Model for BOT Power Projects in Turkey, ASCE, J. Constr. Engrg. and Mgmt. 129(1), 89-97.
  • Başer M., (2000). Proje Finansmanında Bir Araç Olarak Yid Modeli ve İzmit Büyükşehir Belediyesi Su Temin Projesinde Modelin Uygulanışı, Eskişehir: Doktora Tezi.
  • Coello Coello C.A., Van Veldhuizen D.A., Lamont G.B., (2002). Evolutionary Algorithms For Solving Multi-Objective Problems, Kluwer Academic, New York.
  • Duman S., Öztürk A., Tutkun N., (2011). Güç Sistemi Kararlı Kılıcısı için Diferansiyel Evrim Algoritması Kullanarak PID Kontrolör Parametrelerinin Belirlenmesi, Elazığ: 6 th International Advanced Technologies Symposium (IATS’11).
  • Durucasu H., Acar E., (2014). Use of Evolutionary Algorithm in the Investment Project Evaluation, Global Interdıscıplınary Busıness-Economıcs Advancement Conference (GIBA), May 15-18, Florida, USA, 2333-4207, p. 251-260.
  • Ersönmez C., (1995). Yap İşlet Devret Modeli ve Modelin Finansmanına İlişkin Bir Analiz, Uzmanlık Tezi, Ankara: Hazine ve Dış Ticaret Müsteşarlığı.
  • Goldberg D. E., (1989). Genetic Algorithms in Search, Optimization, and Machine Learning, Addison-Wesley Pub. Co., Reading, Mass.
  • Islam M., (2008). Optimizing Concessionary Items' Values For Procuring Privately Financed Infrastructure Projects. Ph.D Thesis. Australia: Griffith University.
  • Islam M.M., Mohamed, S., Blumenstein M., (2006). Towards an Optimal Financial Investment Decısıon In Buıld-Operate-Transfer Projects Usıng Genetıc Algorıthms, Proceedings of the Third Joint International Conferencce on Computing and Decision Making in Civil and Building Engineering, June 14-16, Montreal, Canada, 1554-1563.
  • Iyer K.C ., Sagheer M., (2012). Optimization of Bid-Winning Potential and Capital Structure for Build-Operate-Transfer Road Projects in India, J. Manage. Eng., 28(2), 104–113.
  • Kapanoğlu M., (2011).Genetik Algoritma Ders Notları, Eskişehir: Osmangazi Üniversitesi.
  • Lang L.H.P., (1998). Project finance in Asia. Amsterdam: Elsevier Science B.V.
  • Liou F., Yang C., Chen B., Chen W., (2011). Identifying The Pareto‐Front Approximation for Negotiations Of BOT Contracts With A Multi‐Objective Genetic Algorithm. Construction Management & Economics. Taylor and Francis Journals 0144-6193. - Vol. 29.2011, 5, p. 535-548.
  • Liu B., Fernandez V., Zhang Q., Pak M., Sipahi S., Fellow G. G., (2010). An Enhanced MOEA/D-DE And Its Application To Multiobjective Analog Cell Sizing, IEEE, Congress on Evolutionary Computation 978-1-4244-8126-2/10.
  • Pak M., (2011). An Enhanced Multi-Objectıve Evolutionary Algorithm (MOEA/D-DE) For The Applications Of Analog Sizing With Both W/L And A Novel Operating Point Driven (Opd) Based Methods. Yüksek Lisans Tezi, Turkiye, Istanbul: Boğaziçi Universitesi.
  • Ranasinghe M., (1999). Private Sector Participation in Infrastructure Projects: A Methodology to Analyse Viability of BOT, Construction Management and Economics 17(5), 613-623.
  • Sağ T., Çunkaş M., (2009). Çok amaçlı Genetik Algoritmalar İçin Bir Çevrimdışı Performans Değerlendirmesi. 5. Uluslararası İleri Teknolojiler Sempozyumu (IATS’09). Karabük: Karabük Üniversitesi.
  • Tapia C.G., Murtagh B.A., (1991). Interactive Fuzzy Programming With Preference Criteria İn Multiobjective Decision Making. Computers and Operational Research 18, 307-318.
  • Tiong R.L.K., (1996). CSFs in Competitive Tendering And Negotiation Model For BOT Projects. Journal Of Construction Enginering And Management 122(3), 205-211.
  • Wang L., Singh C., (2007). Environmental/Economic Power Dispatch Using A Fuzzified Multi-Objective Partical Swarm Optimization Algorithm, Electric Power Systems Research 77(12), 1654-1664.
  • Yun S., Han S. H., Kim H., Ock J. H., (2009). Capital Structure Optimization for Build-Operate-Transfer (BOT) Projects Using A Stochastic and Multi-Objective Approach, Canadian Journal of Civil Engineering 36, 777–790.
  • Zhang X., (2005). Financial Viability Analysis and Capital Structure Optimization in Privatized Public Infrastructure Projects, Journal of Construction Engineering and Management (131)6, 656-668.
There are 23 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Elif Acar

Hasan Durucasu

Publication Date December 29, 2014
Submission Date December 29, 2014
Published in Issue Year 2014 Volume 2, Issue 2, 2014

Cite

APA Acar, E., & Durucasu, H. (2014). ÖZEL SEKTÖR ŞİRKETLERİ İÇİN YİD İHALE PROBLEMİNİN ÇOK AMAÇLI OPTİMİZASYONU. Alphanumeric Journal, 2(2), 36-49. https://doi.org/10.17093/aj.2014.2.2.5000083954

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