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Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE's Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
Due to the characteristics of construction projects such as only one time establishment, big investment scale, complicated structure and high energy consumption in operation process, the cost management theories and methods of construction projects are different from other general products. This paper proposes to apply VE to the total life cycle of construction projects, and also proposes a dynamic life cycle cost management model, which pays attention to function analysis in investment decision phase and combines cost management methods such as supply chain management and Kaizen costing based on objective cost management in implementation phase. The model provides a new thought for best realizing the value of construction projects with minimum life cycle cost.