Journal of the Korea Institute of Building Construction (한국건축시공학회지)

The Korean Institute of Building Construction (한국건축시공학회)
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Life Cycle Costing: Maintenance and Repair Costs of Hospital Facilities Using Monte Carlo Simulation

  • Kim, Tae-Hui (Department of Architectural Engineering, Mokpo National University) ;
  • Choi, Jong-Soo (Department of Architectural Engineering, Dongguk University-Seoul) ;
  • Park, Young Jun (Department of Construction Engineering and Environmental Science, Korea Military Academy) ;
  • Son, Kiyoung (School of Architecture, University of Ulsan)
  • Received : 2013.06.03
  • Accepted : 2013.10.07
  • Published : 2013.12.20
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Abstract

During the administration of a construction project, various types of participants are engaged in the project. From the design phase to the maintenance phase, these participants may confront many risks. To avoid these risks, participants should utilize an insurance company or a bond company. The types of risks and liability that a construction manager may face are listed in the construction law or contract. But there are some arguments related to risk transferring and the content of risks. For this reason, construction managers must carefully consider any possible risks in the contract and the construction law. Therefore, for construction managers to deal with risks appropriately, the introduction of a legal requirement to carry professional liability insurance, a defined compensation range for damages, a method of guarantee in the event of defects, a defined compensation claim period for damage, and a method of damage claim were suggested in this study.

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References

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  1. Simulation-based costing for early phase life cycle cost analysis: Example application to an environmental remediation project vol.61, pp.3, 2016, https://doi.org/10.1080/0013791X.2015.1062582