Modern view on life-cycle stages of capital construction objects

This paper analyzes aims and objectives requiring management decisions at all life-cycle stages of a construction object. The concept of life cycle is elucidated, and its distinctive characteristics are given. Modern conceptual approaches to working with the life cycle of a real estate property are presented. The paper also presents topical aspects of improving the efficiency of life-cycle management of capital construction objects, the main function of which consists in providing safe and citizen-friendly environment as well as assisting the government in fulfilling its priority tasks. These tasks include modernization of the economy, improvement of its efficiency and competitiveness, and long-term sustainable development. The life-cycle structure of an object and each life-cycle stage are analyzed: time periods during which engineering works are made; architectural design and passing an examination; construction and start-up; operation and maintenance; reconstruction; total building renovation; demolition and utilization of a capital construction object (liquidation for production sites). The cost range of a finished property is observed. An objective description of the economic life of a real estate property is given. Development strategies in the field of real estate management are identified. Tactical approaches to all stages of the life cycle concerning the interaction of management decisions at each stage are described.