Evaluation of Hidden Cost Risk of Prefabricated Construction Based on SEM-MEECM

Abstract

Prefabricated construction offers numerous advantages, such as high efficiency and energy efficiency. However, its promotion is impeded by the significant associated costs. Thus, the primary objective of this study is to investigate the overall life-cycle costs of prefabricated construction, with a specific focus on hidden costs. To achieve this objective, the study establishes a comprehensive evaluation index system comprising 31 factors that facilitate the assessment of hidden cost risks at each stage of the construction’s life cycle. In order to effectively evaluate these risks, the study proposes a novel evaluation method that combines the structural equation model (SEM) with the matter–element extension cloud model (MEECM). Subsequently, the proposed model is applied to an actual case of prefabricated construction projects. The findings prove valuable in managing the hidden cost risks associated with prefabricated construction and offer effective means for evaluating such risks. The stage considered in this paper is more comprehensive than that of previous studies, and a quantitative analysis of the hidden cost risk index is constructed and a SEM–MEECM evaluation model is established. Based on the model presented in this paper, future research can further enhance the hidden cost risk index and explore suitable quantitative indicators to facilitate cost risk control in prefabricated construction projects, thus promoting the widespread adoption of prefabricated construction in developing countries.