How far can BIM reduce information asymmetry in the Australian construction context?

Forsythe, P; Sankaran, S; Biesenthal, C

How far can BIM reduce information asymmetry in the Australian construction context?

Forsythe, P

Sankaran, S

Biesenthal, C

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Publication Type:: Journal Article
Citation:: Project Management Journal, 2015, 46 (3), pp. 75 - 87
Issue Date:: 2015-01-01

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Field	Value	Language
dc.contributor.author	Forsythe, P https://orcid.org/0000-0002-0997-9118	en_US
dc.contributor.author	Sankaran, S https://orcid.org/0000-0001-5485-6216	en_US
dc.contributor.author	Biesenthal, C https://orcid.org/0000-0002-3851-4950	en_US
dc.date.issued	2015-01-01	en_US
dc.identifier.citation	Project Management Journal, 2015, 46 (3), pp. 75 - 87	en_US
dc.identifier.issn	8756-9728	en_US
dc.identifier.uri	http://hdl.handle.net/10453/42005
dc.description.abstract	© 2015 by the Project Management Institute. Building Information Modeling (BIM) systems are increasingly used in construction projects. Theoretically, these systems provide greater transparency and access to construction project information and, in doing so, should reduce the information asymmetry that commonly arises in construction contracting relationships. This typically occurs when suppliers of products and services opportunistically take advantage of the client due to the imbalance in information. The article therefore explores whether or not the high level of information content offered by BIM and the potential for sharing that information among contracting parties means that the information asymmetry can be alleviated using BIM. In order to investigate this, evidence was collected through three purposively sampled case studies of large principal organizations undertaking projects in Australia - each representing a different type of customer in the supply chain on construction projects. Our findings suggest a gap between the theoretical potential and practical application of BIM to reduce information asymmetry. The study found that, although BIM has the capability to reduce information asymmetry, it has not reached a mature enough stage in the Australian construction industry to clearly confirm that it actually reduces the problem. There is even a degree of evidence that, under certain circumstances, a reverse asymmetry may exist in which a client has the technical knowledge to more successfully analyze the BIM model (relative to the organizations they contract with) and then use the resulting information to their own opportunistic advantage.	en_US
dc.relation.ispartof	Project Management Journal	en_US
dc.relation.isbasedon	10.1002/pmj.21504	en_US
dc.title	How far can BIM reduce information asymmetry in the Australian construction context?	en_US
dc.type	Journal Article
utslib.citation.volume	3	en_US
utslib.citation.volume	46	en_US
utslib.for	1202 Building	en_US
utslib.for	0806 Information Systems	en_US
utslib.for	1503 Business and Management	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/e-Press
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
pubs.organisational-group	/University of Technology Sydney/Strength - CCDP - Contemporary Design Practice
utslib.copyright.status	closed_access
pubs.issue	3	en_US
pubs.publication-status	Published	en_US
pubs.volume	46	en_US

Abstract:

© 2015 by the Project Management Institute. Building Information Modeling (BIM) systems are increasingly used in construction projects. Theoretically, these systems provide greater transparency and access to construction project information and, in doing so, should reduce the information asymmetry that commonly arises in construction contracting relationships. This typically occurs when suppliers of products and services opportunistically take advantage of the client due to the imbalance in information. The article therefore explores whether or not the high level of information content offered by BIM and the potential for sharing that information among contracting parties means that the information asymmetry can be alleviated using BIM. In order to investigate this, evidence was collected through three purposively sampled case studies of large principal organizations undertaking projects in Australia - each representing a different type of customer in the supply chain on construction projects. Our findings suggest a gap between the theoretical potential and practical application of BIM to reduce information asymmetry. The study found that, although BIM has the capability to reduce information asymmetry, it has not reached a mature enough stage in the Australian construction industry to clearly confirm that it actually reduces the problem. There is even a degree of evidence that, under certain circumstances, a reverse asymmetry may exist in which a client has the technical knowledge to more successfully analyze the BIM model (relative to the organizations they contract with) and then use the resulting information to their own opportunistic advantage.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/42005