Lecture Notes in Education Psychology and Public Media

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Lecture Notes in Education Psychology and Public Media

Vol. 53, 13 May 2024


Open Access | Article

The Application of Game Theory in Engineering Project Management

Zekun Wang * 1
1 Hebei University of Architecture

* Author to whom correspondence should be addressed.

Lecture Notes in Education Psychology and Public Media, Vol. 53, 108-112
Published 13 May 2024. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Zekun Wang. The Application of Game Theory in Engineering Project Management. LNEP (2024) Vol. 53: 108-112. DOI: 10.54254/2753-7048/53/20240036.

Abstract

The coexistence of conflict of interest and cooperation are two of the most significant characteristics in the process of construction project management. To maximize their interests, all parties involve and restrict each other in the process of management, resulting in the phenomenon of information asymmetry between Party A and Party B, passive slacking of contractors, project quality defects, and project claims in the process of project management. By applying game theory to the construction of engineering projects, it can facilitate managers from all parties to choose better decisions, thereby further improving the level of engineering management and expanding their own profits. Starting from the basic concepts of game theory and engineering project management, this article focuses on three perspectives: project bidding stage, construction stage, and engineering claim stage. It analyzes the game between owners and contractors under incomplete information conditions and concludes that both parties should realize the sharing of information resources and strictly abide by the principle of engineering contract equality. Several suggestions related to engineering project management are also proposed.

Keywords

Game theory, project management, project bidding, engineering construction, engineering claims

References

1. Hu, B. (2016) The Application of Game Theory in Engineering Project Management. Logistics Engineering and Management. 38(04), 162-163.

2. Wang, X. (2018) Research on the Game Theory of Stakeholders in the Construction Phase of Construction Projects. Shenyang University of Technology.

3. Wang, X.M., Zheng, S.C. (2023) A Game Study between Owners and Contractors under Asymmetric Cost Information. Coal Engineering, 55 (01), 187-192.

4. Song, W.B. (2021) The Application of Game Theory in Engineering Management. China Building Metal Structures, (06), 24-25.

5. Yao, Y.H., Zhao, P. (2007) Game Analysis in Engineering Project Management. Shanxi Architecture, (25), 234-235.

6. Jiang, Y.H. (2023) Research on Bidding Decision of Construction Projects Based on Game Theory. China Tendering, (12), 95-97.

7. Jiang, Z.Q. (2020) Research on the Application of Non cooperative Equilibrium Game Theory in Construction Engineering Management. Guangxi Quality Supervision Guide, (07), 82+81.

8. Yue, C.L., Mei, S.J., He, L. (2022) Game Analysis of Collusion Behavior between Construction Project Supervision and Contractors. Science and Industry, 22 (11), 148-152.

9. Zhao, L., Mei, Q., Li, H.B., etc. (2020) Game Analysis of Claims between International Engineering Project Owners and Contractors under Incomplete Information. Journal of Hebei Institute of Architecture and Engineering, 38 (04), 112-115.

10. Chen, M.Y., Liu, Z. (2011) The Application of Game Theory in Quality Management of Engineering Projects. Journal of Fujian University of Engineering, 9(01), 37-39.

11. Tong, Z.P. (2010) An analysis based on game theory about the complicity between contractor and supervisor in the construction claims. 2010 International Conference on Management and Service Science(MASS 2010).

Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 3rd International Conference on International Law and Legal Policy
ISBN (Print)
978-1-83558-415-6
ISBN (Online)
978-1-83558-416-3
Published Date
13 May 2024
Series
Lecture Notes in Education Psychology and Public Media
ISSN (Print)
2753-7048
ISSN (Online)
2753-7056
DOI
10.54254/2753-7048/53/20240036
Copyright
13 May 2024
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated