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This study aims at investigating the cost-effectiveness of developing a new type of house, the floating house, as a solution to land scarcity in metropolitan coastal cities. Under value management framework, the “function analysis system technique” diagram was established to identify the functions of land-based and floating houses. Participants with different backgrounds shared their views through the two designed questionnaires, assisting in determining the cost allocation and functional performance levels of the houses. Fuzzy set theory was utilized to convert the collected professional knowledge and public opinions into numerical measurements. The obtained function values disclosed that, despite weaknesses in the conventional living and structural issues, the floating house still shows competitiveness and opportunities in customer attraction, environmental sustainability, and encouraging local tourism. This paper offers the evidence and reference to both practitioners and governments seeking for a better value of the money they invest in future floating house projects.

In order to effectively control the schedule and cost of complex project, this paper proposes an algorithm for optimizing activity sequences and a model for evaluating schedule/cost risks based on dependency structural matrix (DSM) theory. The activity optimization algorithm aims to reduce unnecessary activity rework by arranging activity execution order properly. Risk evaluation model also takes account of the uncertainties of project activities as well as learning effects. The simulation result indicates that our optimization algorithm can effectively reduce cost and compress schedule for complex projects.