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Development of Quantity based Base Period Price Index(QBPPI) to calculate Construction Cost Index  

Park, Sung-Chul (서울시립대 건축공학과)
Koo, Kyo-Jin (서울시립대 건축공학과)
Hyun, Chang-Taek (서울시립대 건축공학과)
Publication Information
Korean Journal of Construction Engineering and Management / v.7, no.5, 2006 , pp. 77-84 More about this Journal
Abstract
Indexes have played an important role as a economic indicator or performance indicator in many industries for a long time. In construction industry, indexes, or Construction Cost Index(CCI), have been used to compensate for the gap of time in Estimate Using the Historical Cost Data from Feb. 2004. CCI is composed of index formula and resources. Existing literatures had used Laspyeres Index as a index formula. And, Leontief table, the bills of quantities, and information of price surveyor were used as a resource. When applying Laspyeres formula and the resources to calculating the CCI, the problems such as double application of price fluctuation, calculating the incorrect weights, may be generated. This paper analyzed the existing economic relevant indexes as well as Laspyeres formula. Thus, feasibility of them was analyzed using three practical cases of apartments. And then, Quantity based Base Period Price Index(QBPPI) was developed to consider the characteristics of construction more accurately.
Keywords
Historical Cost; Construction Cost Index; Quantity Bsed Price Index;
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