Next Article in Journal
A Life Cycle Assessment of Silica Sand: Comparing the Beneficiation Processes
Previous Article in Journal
Stand-Alone Solar Organic Rankine Cycle Water Pumping System and Its Economic Viability in Nepal
Article Menu

Export Article

Open AccessArticle
Sustainability 2016, 8(1), 14; doi:10.3390/su8010014

An Index to Measure Sustainability of a Business Project in the Construction Industry: Lithuanian Case

Finance Engineering Department, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania
*
Author to whom correspondence should be addressed.
Academic Editor: Giuseppe Ioppolo
Received: 2 November 2015 / Revised: 14 December 2015 / Accepted: 21 December 2015 / Published: 25 December 2015
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
View Full-Text   |   Download PDF [630 KB, uploaded 25 December 2015]   |  

Abstract

The continuous growth of the world population, resource scarcity and the threat of climate change pose numerous environmental and social problems to the world. Therefore, much hope is put in the concept of sustainability. Companies are increasingly coming under strong global pressure to incorporate sustainability considerations into their project decision-making process. Business projects in the construction industry are among the most important, as this sector is one of the largest sectors and of major importance for the national economy and therefore has a huge impact on the environment and society. Thus, we have to explore ways to integrate sustainability into the management of those projects. This paper presents a composite sustainability index of a project (CSIP) which has been created following a review of existing literature and a pilot research study. A pilot research study was conducted in the Lithuanian construction industry between January 2015 and June 2015. Sustainability criteria were chosen and grouped on the basis of the analysis of the literature and different standards relating to sustainability applicable in the construction industry. A survey was used to select and rank the most important sustainability criteria. The index was constructed using multi-criteria decision-making methods. The results of the pilot study revealed that practitioners in the Lithuanian construction sector attach most importance to 15 sustainability criteria. A composite sustainability index of a project combining all these criteria may be useful in assessing the sustainability of a business project and making decisions regarding project portfolio selection and financial resource allocation. When addressing the issue of financial resource allocation in a project portfolio, the decision-maker could take into account not only the project’s return and risk, but also its sustainability. The understanding of this study should enable companies to execute sustainable projects, which could make a contribution to the sustainable development of organizations and thereby increase their competitive advantage. View Full-Text
Keywords: project portfolio management; sustainability; composite sustainability index; construction industry; sustainable construction; resource allocation project portfolio management; sustainability; composite sustainability index; construction industry; sustainable construction; resource allocation
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

Supplementary material

Scifeed alert for new publications

Never miss any articles matching your research from any publisher
  • Get alerts for new papers matching your research
  • Find out the new papers from selected authors
  • Updated daily for 49'000+ journals and 6000+ publishers
  • Define your Scifeed now

SciFeed Share & Cite This Article

MDPI and ACS Style

Dobrovolskienė, N.; Tamošiūnienė, R. An Index to Measure Sustainability of a Business Project in the Construction Industry: Lithuanian Case. Sustainability 2016, 8, 14.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
Sustainability EISSN 2071-1050 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top